Sale of 49.9MW solar farm in Norfolk

RNS Number : 2241O

Good Energy Group PLC

05 August 2014

 



August 5th 2014

Good Energy Group PLC

("Good Energy" or the "Company")

Good Energy Group PLC announces sale of its 49.9MW solar farm in Norfolk

Further to announcements made on 20 December 2013, and 28 January 2014, Good Energy Group PLC ("Good Energy" or "the Group"), the AIM quoted renewable electricity supplier announces that, following a competitive tender process and evaluation by the Board, terms have been agreed to sell its 49.9MW solar site at West Raynham, near Fakenham, Norfolk, to a member of the Trina Solar group. The total sale value, which will be received in cash, will be between £3.4 million and £6.8 million and the net profit on sale received by the Company for the development of the site will be between £1.4 million and £3.8 million depending on when the site is completed and commissioned.

The transaction is part of Good Energy's strategy to develop its portfolio through a combination of selling some sites and building and holding others. The proceeds of the transaction will be used for the on-going development of further sites.  The outlook for the full year financial performance remains in line with current market expectations.

Juliet Davenport, OBE, Founder and CEO of Good Energy, commented:

"This transaction is part of our overall strategy to develop and build renewable energy sites. It supports our long term vision for the company to deliver 50% of our renewable electricity requirements from our own renewable generation assets by 2016. Our development pipeline is robust and we have already commissioned both new wind and solar sites this year. We look forward to updating shareholders on further developments in due course."

Enquiries:

Good Energy Group PLC

Juliet Davenport, Chief Executive

Denise Cockrem, Chief Finance Officer        Tel. [phone]

N+1 Singer (Nominated Adviser and Broker)

Andrew Craig / Ben Wright    

Tel: [phone]

Notes for editors

- Good Energy is a fast-growing100% renewable electricity supply company, offering value for money and award-winning customer service.

- An AIM-listed PLC, and founder member of the Social Stock Exchange, its mission is to support change in the energy market, address climate change and boost energy security.

- Good Energy matches over the course of a year all the electricity its customers use with power from renewable sources.

- For the last three years, the company has topped the Which? energy company customer satisfaction survey. Good Energy's dual fuel tariff is cheaper on average than the standard tariffs sold by the 'Big 6' before discounts.

- It has over 40,000 renewable electricity customers and more than 15,000 gas customers (31 Dec 2013). It works with a community of more than 59,000 small and medium scale renewable electricity generators (31 Dec 2013).

- Good Energy is the owner of Delabole Wind Farm, the UK's first commercial wind farm, and also owns and operates Hampole Wind Farm, near Doncaster.

- Good Energy aims to deliver 50% of electricity from its renewable generation assets by 2016.

- It won Company of the Year in the British Renewable Energy Awards 2013 and was named best green electricity supplier 2013 by the UK's leading ethical and environmental magazine, Ethical Consumer. Most recently, it won Best Utilities PLC 2014 in the UK Stock Markets Awards.

 

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