ELECTRICITY generator Drax has unveiled plans to raise £180m to fund its shift from coal to biomass as its main source of fuel.

The company will use the money from a share placing to convert existing generating units at its North Yorkshire power plant to run on biomass.

It is also in discussions to secure new debt facilities of £100m and expand its revolving credit facility to around £400m.

Chief executive Dorothy Thompson said: "This is a hugely exciting time for Drax and our shareholders. W......for the full story register now for free or login below...