BusinessGreen: Plans to convert the UK's largest coal plant to run on biomass have been given a multi-million pound boost, after the Treasury confirmed Drax would be the first company to receive a loan guarantee from its new scheme designed to drive investment in infrastructure.
Drax yesterday announced it will receive a 75m guarantee from the Treasury scheme, known as UK Guarantees, which will underpin a private loan by Friends Life to fund the biomass conversion of three of its six generators.
The company...