Drax taps JPMorgan, Santander for £1.1 billion Bluefield deal - report
JPMorgan Chase and Banco Santander are collaborating to arrange over £1 billion in debt financing for Drax Group's acquisition of Bluefield Solar Income Fund, according to a Bloomberg report. The lenders, along with NatWest Group, have collectively arranged £1.1 billion ($1.5 billion) in bridge financing to support the takeover.
The debt is expected to be syndicated to institutional investors in late 2026 or early 2027. Drax, known for biomass power generation, is diversifying into flexible power and storage assets, as its wood-pellet sourcing faces political and regulatory scrutiny. This marks Drax's first foray into solar and wind assets, reflecting a broader trend of banks preparing to offload $138 billion in buyout-related debt over the next few months, with US debt volumes reaching their highest level since 2007 and European volumes at their strongest pace since the pandemic.
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