- Power company Drax said it had completed the refinancing of the Canadian dollar facilities it acquired as part of the group's acquisition of Pinnacle Renewable Energy in April 2021.

The new C$300 million term facility matures in 2024, with an option to extend by two years, and has a customary margin grid referenced over the Canadian Dollar Offered Rate, or CDOR.

'The gacility reduces further the Group's all-in cost of debt to below 3.5% and includes an embedded ESG component which adjusts the margin payable based on Drax's carbon intensity measured against an annual benchmark,' the company said.

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