By Michael Susin
Drax Group said it reached a 20-year joint-venture agreement with Power Minerals to develop and process pulverized fuel ash to be used in a low-carbon cement facility.
The U.K. power-generation company said Thursday that the new facility is expected to begin operations by the end of 2026, with an expected annual production of 400,000 tons once operating at full capacity.
The company said the project could generate incremental adjusted earnings before interest, taxes, depreciation and amortization--which strips out exceptional and other one-off items--of around 5 million pounds ($6.4 million) a year post-2027 through 2046.
Power Minerals will build, own and operate the new facility, while Drax will sell the product and provide power and water to the facility. There is no capital investment required by Drax, it added.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
March 27, 2025 03:53 ET (07:53 GMT)
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