Selby, North Yorkshire-based power company Drax Group plc said on Wednesday it completed the acquisition of ScottishPower’s portfolio of pumped storage, hydro and gas-fired generation.

The portfolio comprises ScottishPower Generation Group and its wholly owned subsidiary, SMW.

The acquisition was originally announced on October 16, 2018.

Then, on December 3, Drax said it reached agreement with ScottishPower’s parent Iberdrola on revised terms for the £702 million acquisition.

The agreement was revised to ensure Drax gets a rebate on lost capacity payments due to a pause in a government scheme.