Generation portfolio deferred consideration update

RNS Number : 9140Q

Good Energy Group PLC

01 July 2022

 

Good Energy Group PLC

("Good Energy" or the "Company")

Final update on generation portfolio deferred consideration

Good Energy Group PLC (AIM:  GOOD), the 100% renewable electricity supplier and innovative energy services provider, today announces the final deferred consideration received in relation to the disposal of its 47.5MW renewable generation asset portfolio ("Portfolio") as part of an ongoing strategic shift to energy and mobility services.

On 20 January 2022 the Company announced the disposal of its 47.5MW generation portfolio to Bluefield Solar Income Fund.  Total consideration of up to £24.5m was comprised of initial and deferred payments.  The initial consideration of £16.4m, less distributions since the lockbox date of £0.7m, resulted in £15.7m being paid to the Company on completion.  At that time, deferred consideration of up to £8.1m remained to be paid, with the final amount to be calculated with reference to an agreed financial model and based on the actual operational, technical, real estate and financial position of the Portfolio.

On 25 February 2022 the Company announced that the final amount of deferred consideration amount had been agreed and that £4.3m deferred consideration was paid on that date with a further £0.5m to be paid on 30 June 2022.

The company now confirms that the final deferred consideration payment of £0.5m has been received.  As a result, the final total consideration received in respect of the Portfolio was £21.2m.

Enquiries

Good Energy Group PLC Nigel Pocklington, Chief Executive Charlie Parry, Director of Corporate Strategy & Investor Relations Luke Bigwood, Director of External Affairs	Email:  [e-mail]
SEC Newgate UK	Email:  [e-mail]
Elisabeth Cowell / Molly Gretton	Tel: [phone]
Investec Bank plc (Nominated Adviser and Joint Broker)
Sara Hale / Jeremy Ellis	Tel: [phone]
Canaccord Genuity Limited (Joint Broker) Henry Fitzgerald - O'Connor	Tel: [phone]

About Good Energy www.goodenergy.co.uk

Good Energy is a supplier of 100% renewable power and an innovator in energy services.  It has long term power purchase agreements with a community of 1,900 independent UK generators.

Since it was founded 20 years ago, the Company has been at the forefront of the charge towards a cleaner, distributed energy system.  Its mission is to power a cleaner, greener world and make it simple to generate, share, store, use and travel by clean power.  Its ambition is to support one million homes and businesses to cut carbon from their energy and transport used by 2025.

Good Energy is recognised as a leader in this market, through our green kite accreditation with the London Stock Exchange and as the only energy supplier with Gold Standard Uswitch Green Tariff Accreditation for all tariffs.

 

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