25th Sep 2015 06:05
LONDON (Alliance News) - Drax Group PLC on Friday said it will pull out as a partner of the consortium developing the White Rose carbon capture and storage project.
The FTSE 250-listed company said it "remained committed" to fulfilling the front-end engineering and design work on the carbon, capture and storage project, but said once completed, it will not invest any further funds into the project and will withdraw as a partner.
The White Rose project is led by Capture Power Ltd, a consortium of Drax, Alstom and BOC, which is aiming to develop a project capable of of capturing up to 90% of carbon emissions from a new coal-fired power plant and storing it underneath the UK North Sea.
The coal-fired power plant to be used in the project is on a site owned by Drax, and the project is expected to be completed within the next six to twelve months.
"Drax today announced it remained committed to fulfilling its current work on a carbon, capture and storage feasibility and technology development project (FEED), but once completed, would not be investing further and will withdraw as a partner of Capture Power Ltd," said Drax.
"We remain fully committed to completing what we?ve signed up to ? the completion of a study into the feasibility and development of world leading technology that could result in dramatic reductions in carbon emissions produced by power stations and heavy industry," added Pete Emery, operations director of Drax's CSS operations.
Drax has also confirmed that while at that point it would cease to commit further investment, it will continue to make the site owned by Drax, along with the infrastructure at the Power Plant, available for the project to be built.
By Joshua Warner; [email protected]; @JoshAlliance
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