British power generator Drax could invest up to $12.5 billion developing biomass plants with carbon capture and storage (BECCS) in the United States over the next decade, it said on Tuesday.

UK electricity group Drax is committing up to $12.5bn in the US over the next decade to build power plants to take advantage of the country’s lucrative subsidies and expectations of surging energy demand.

Drax plans to invest $12.5B in U.S. biomass power plants with carbon capture tech, taking advantage of U.S. subsidies through the Inflation Reduction Act.