JPMorgan and Santander Lead £1.1 Billion Loan for Drax Renewable Deal

Drax Group Plc has secured £1.1 billion in bridge funding from a group of banks, led by JPMorgan Chase & Co and Banco Santander SA, to fund its acquisition of renewable energy company Bluefield Solar Income Fund.

The loan package includes £1.1 billion ($1.5 billion) in debt financing, which will be sold to institutional investors either later this year or early 2027, according to people familiar with the matter.

Drax is repositioning itself as a flexible power and storage operator amid growing scrutiny of its wood-pellet imports, and the purchase of Bluefield adds solar and wind assets to the company's portfolio for the first time.