Drax Group PLC has announced the sale of up to 90,000 Small & Medium-sized (SME) customer meter points from Opus Energy Group Limited to EDF Energy Customers Limited. This transaction is an asset sale for the majority of the Opus customer meter points and follows the completion of a strategic review of the Group's non-core SME energy supply business. Drax believes that these measures further support its decarbonisation strategy and the development of its Energy Solutions (Customers) business, which is focused on I&C customers, renewable power, and energy services. The Energy Solutions business is unaffected by the sale of the Opus SME assets, and there is no change to the Group's Energy Solutions EBITDA expectations as a result of this process.
Opus was acquired by Drax in 2017, and over the past seven years, elements of the acquired business have been transferred to Drax Energy Solutions, the Group's core Industrial & Commercial (I&C) energy supply business. The transaction is subject to regulatory assessment and is expected to complete in Q3 2024. The company's 2023 Annual Report and Accounts provide further details on the financial aspects of the transaction.
In 2017, Drax acquired Opus for £367 million, and in 2023, following a reorganization, goodwill of £145 million was reallocated between Opus and Drax Energy Solutions. As at 31 December 2023, £218 million of the intangible assets had either been amortized or impaired, leaving a de minimis amount in relation to Opus carried forward into 2024.
For further information, Drax Investor Relations can be contacted at [email protected] or +44 (0) 7730 763 949, and for media inquiries, Drax External Communications can be reached at [email protected] or +44 (0) 7841 068 415. More details can be found on the company's website at www.Drax.com.