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Drax sells 90,000 SME customers to EDF Energy

Drax Group has sold a portfolio of 90,000 small and medium-sized business customers to EDF Energy

Drax Group has divested a portfolio comprising 90,000 small and medium-sized (SME) business customers to EDF.

These customer meter points were originally acquired by Drax Group, as part of its purchase of Opus Energy in 2017, a transaction valued at £340 million.

In its announcement to the London Stock Exchange, Drax noted that various other segments of the Opus business have been integrated into its core industrial and commercial (I&C) energy supply operations over the past seven years.

This includes the renewables business, which manages the group’s power purchase agreements (PPAs) with renewable energy producers, alongside other specified components.

Drax sees these actions as reinforcing its commitment to reducing carbon dioxide emissions and advancing its Energy Solutions (Customers) division, which focuses on industrial and commercial clients, renewable energy and energy services.

The group confirmed that its Energy Solutions segment will remain unaltered by the sale of Opus SME assets and the group’s expectations for Energy Solutions earnings before interest, taxes, depreciation and amortisation (EBITDA) remain unchanged following this transaction.

Philippe Commaret, Managing Director for Customers, at EDF in the UK, said:​ “We are pleased to announce that we have agreed to acquire a large majority of the Opus Energy small business customer portfolio. ​

“Small businesses are the heartbeat of communities across the country and will be vital in helping to reduce Britain’s carbon emissions.

“As Britain’s biggest generator of zero carbon electricity and the number one supplier to businesses, we are passionate about helping small businesses save cash and carbon, whilst delivering quality customer service. ​

“We look forward to welcoming our new small business customers to EDF in the coming months.”

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