Good Energy announces financial close on wind farm

RNS Number : 4920F

Good Energy Group PLC

24 May 2013

 



24 May 2013

Good Energy Group plc

Good Energy announces financial close on wind farm

Good Energy Group plc ("Good Energy") owner of Good Energy Limited, the 100% renewable electricity company, is pleased to announce that it has reached financial close on its 8.2MW onshore wind farm site located in Hampole, near Doncaster.

Following the acquisition of the consented wind farm site from RWE Npower Renewables Limited earlier this year, Good Energy has now secured the requisite debt financing for the project from Investec Bank plc. The total cost of the project is circa £16 million. Under the financing arrangements, Investec will provide a £10.6 million non-recourse project debt facility and Good Energy will provide the balance from existing cash resources. Good Energy will retain 100% of the equity in the project.

The site has planning permission for the construction of four turbines with a total generation capacity of 8.2MW. Good Energy has agreed to purchase the turbines from Repower Systems SE. The wind farm is expected to generate around 20,000 MWh a year - equivalent to approximately 4,800 homes - nearly doubling the amount of electricity that Good Energy generates from wholly owned generating assets. Commissioning of the wind farm and its operational commencement is expected to take place in Q1 2014. The wind farm will form part of Good Energy's plans to achieve 110MW of new renewable energy generating capacity by 2016.

Good Energy will be exploring with stakeholders the different ways in which the wind farm will benefit the community and local households, including the introduction of a local electricity tariff to residents near to the site.

Juliet Davenport, CEO and founder of Good Energy, said: 

"We're delighted to be moving forward with the site we've acquired at Hampole as part of our plans to deliver affordable green energy to consumers all over the UK. 

"These plans guarantee Good Energy access to new sources of renewable power as our electricity supply customer base continues to grow, helping us to deliver competitive prices. This is a step towards ensuring that more people are able to make a difference in tackling climate change by choosing to support renewable energy."

For further information, please contact: 

Good Energy Group plc
Juliet Davenport OBE, Chief Executive	01249 766795
N+1 Singer (Nominated Adviser & Broker)
Andrew Craig, Ben Wright	020 7496 3000

Notes to Editors

·      Good Energy Group plc is listed on the AIM market of the London Stock Exchange. For more information please visit: www.goodenergygroup.co.uk.  

·      Good Energy is a licensed electricity supplier. It ensures that all their electricity is 100% matched with electricity sourced from renewable energy, backed by Renewable Energy Guarantee of Origin certificates (REGOs) over the course of 12 months. To compare the fuel mix of other suppliers please visit: www.electricityinfo.org/suppliers.php.   

·      Good Energy has over 32,000 renewable electricity customers. In 2008, Good Energy added a Gas product to its range. It now has over 8,500 gas customers.

·      Good Energy works with a community of over 46,000 small and medium scale renewable electricity generators.

Good Energy has recently won a number of awards, including:

·      Good Energy has come top in the latest Which? Customer Satisfaction Survey for energy suppliers in 3 of the last 4 years.

·      Juliet Davenport won PLUS markets CEO of the Year in 2009, 2010 and 2012 and Good Energy won the 2012 PLUS markets Investor Communication of the Year.

·      Juliet Davenport named CEO of the Year and overall winner at People and Environment Business Awards 2012.

·      Juliet Davenport named 'First Woman of Retail and Consumer' at First Women Awards 2011.

 

END

 

 

MSCFMGZKNFVGFZM