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(Sharecast News) - Drax Group reported a fall in adjusted EBITDA to £398m in its 2021 results on Thursday, from £412m in 2020.
The FTSE 250 electricity generator described its balance sheet as "strong", with cash and committed facilities totalling £549m at year-end on 31 December.
It said it was expecting to be below 2x net debt-to-adjusted EBITDA by the end of 2022.
Drax's board declared a 10% rise in the total dividend for the year to 18.8p per share, with a proposed final dividend of 11.3p per share, up from 10.3p at the end of 2020.
Looking ahead, Drax said it was planning Investments totalling £3bn in the period to 2030, fully funded through its own cash generation.
"2021 was a transformational year for Drax as we became the world's leading sustainable biomass generation and supply company, whilst continuing to invest in delivering positive outcomes for the climate, nature and people," said chief executive officer Will Gardiner.
"Over the past 10 years, Drax has invested over £2bn in renewable energy and has plans to invest a further £3bn this decade, supporting the global transition to a low-carbon economy.
"Our investment has reduced our emissions from power generation by over 95% and we are the UK's largest producer of renewable power by output."
Gardiner said Drax was "proud" to be "one of the lowest carbon intensity power generators in Europe", describing it as a "significant transformation" from being the largest coal power station in Western Europe.
"We have significantly advanced our plans for bioenergy with carbon capture and storage in the UK and globally.
"By 2030 we aim to deliver 12 million tonnes of negative emissions and lead the world in providing a critical technology which scientists agree is key to delivering the global transition to net zero."
At 0954 GMT, shares in Drax Group were down 4.52% at 602p.
