Extension of debt financing facility

RNS Number : 8962V

Good Energy Group PLC

13 August 2015

 

13 August 2015

Good Energy Group PLC

("Good Energy" or "the Company")

Extension and further drawdown of debt financing facility

Good Energy, the AIM listed renewable electricity supplier and generator, is pleased to announce that in support of its strategic plans to deliver continued customer growth, generation development and funding support, it has extended its non-recourse debt financing facility (the "Facility") with GCP Infrastructure Investments Limited ("GCP"), a London listed infrastructure debt fund.

This second transaction with GCP, which extends the Facility entered into in December 2014, means an additional maximum of £8.5 million will be available to the Company to support the further development and construction of its solar generation portfolio.

Funds will continue to be drawn to coincide with the development and construction of each project and the Company today has also confirmed a further drawdown from the Facility.

The drawdown amount is for £4 million and provides long term funding for Good Energy's newest 5MW solar farm at Crossroads Plantation in Dorset. This latest drawdown brings the total balance to date under the Facility to £37.3m.

Good Energy will continue to retain 100% of the equity in each of the sites with the Facility issued to Good Energy Generation Assets No. 1 Limited, a wholly owned subsidiary of the Good Energy Group.

The Facility has a fixed rate of interest, with interest charges commencing as the funds are drawn down and is on competitive commercial terms with maturities aligned to the income of each asset.

The Company now has six operational solar farms, with a further site due to be built later this year.

[ends]

For further information, please contact:

Good Energy Group PLC Juliet Davenport, Chief Executive Denise Cockrem, Chief Financial Officer	Tel. [phone]
Arden Partners plc (Nominated Adviser and Broker) Steve Douglas, Michael McNeilly	Tel: [phone]
Camarco (Financial PR Adviser) Geoffrey Pelham-Lane,  Georgia Mann	Tel: [phone]
Good Energy Press Office Gill Dickinson	Tel: [phone]

Notes to editors

 - Good Energy is a fast-growing 100% 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. 

- The company has consistently performed well in the annual Which? energy company customer satisfaction survey, winning first or second place in each of the last four years, and topping two consecutive MoneySavingExpert consumer polls. Good Energy's dual fuel tariff is cheaper on average than the standard tariffs sold by the 'Big 6' before discounts. 

- It now has more than 55,000 renewable electricity customers and 28,000 gas customers. It works with a community of 93,500 small and medium scale renewable electricity generators. (All figures as at 30 June 2015.)

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

- The Company has recently won the following: Business Green Awards - Company of the Year 2015; 2015 British Renewable Energy Association Leadership Award; and, for the second year running, Social Impact Company of the Year at the 2015 Small Cap Awards.

 

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