Power company sold in �10.75m deal
SUFFOLK-based energy provider Haven Power has been sold by former parent company Welsh Power to the Drax Group in a deal understood to be valued at around �10.
SUFFOLK-based energy provider Haven Power has been sold by former parent company Welsh Power to the Drax Group in a deal understood to be valued at around �10.75million.
Haven, based on Ransomes Europark in Ipswich, was formed in 2006 and has carved out a niche as a supplier of electricity to small and medium-sized businesses, with more than 22,000 customers nationwide.
It currently employs nearly 150 at the Ipswich site, including sales and operations staff, and its acquisition by Drax - one of the UK's leading independent power companies, which meets around 7% of the UK's electricity needs - is expected to underpin its future growth.
Peter Bennell, chief executive of Haven Power, said: “By joining Drax Group, we are able to take our business to the next stage.
You may also want to watch:
“With the backing of one of the leading European power businesses, we have the resources to continue to expand our business and bring greater economic and employment benefits to the local area.
“We can also develop those parts of our business that will help reduce the environmental impact of our industry and UK business.”
- 1 Postman who abandoned 'undriveable' van wins unfair dismissal claim
- 2 Jack Whitehall praises award-winning Suffolk gastropub after visit
- 3 Town face competition from Championship club for Rotherham midfielder Crooks
- 4 A14 and A12 set for major upgrade work
- 5 Former Ipswich Town boss Keane as you've never seen him before
- 6 Caravans pitch up at Felixstowe car park
- 7 Full list: Everyone in Suffolk in the Queen's Birthday Honours 2021
- 8 Coronavirus 'growth rate' rises further in East Anglia
- 9 Glass found in popular paddling pool forcing it to close
- 10 Two men arrested after police uncover cannabis farm
Haven's “green” offer already includes Haven Green, a business contract based on renewable resources, and the promotion of Smart Metering, a tool to reduce energy consumption.
Its own purpose-designed business centre also features the latest environmental technology, including automatically switched and daylight sensitive lighting, heat recovery systems and free outside air cooling.
The Drax power station near Selby, North Yorkshire, is currently the largest, cleanest and most efficient coal-fired station in the UK. Through the largest steam turbine modernisation project in UK history and the largest renewable, biomass co-firing project in the world, Drax is set to reduce its emission of carbon dioxide by over three and a half million tonnes each year.
In addition, Drax has announced plans to develop a 900MW dedicated biomass-fired generation business through a strategic partnership with Siemens Project Ventures.