North Yorkshire power generator Drax Group said it has completed the refinancing of its revolving credit facility.

The company, which runs the UK’s largest renewable power station near Selby in North Yorkshire, said the new sustainability-linked £450 million facility matures in 2027, with options to extend by two years. The facility, which provides additional liquidity, replaces the current £300 million RCF which matures in 2026 and is undrawn for cash.

The facility has a customary margin grid referenced over SONIA (Sterling Overnight Index Average) with adjustments linked to certain Scope 1, 2 and 3 carbon emissions which are based on the Group’s 2030 SBTi targets.

Separately, Drax said it has also completed a £50 million term-loan facility which matures in 2028 with a one-year extension option. The term-loan has a customary margin referenced over SONIA and will be used for general corporate purposes.