Option over output of tidal lagoon project

RNS Number : 4114G

Good Energy Group PLC

07 May 2014

 



7^th May 2014

Good Energy Group PLC

("Good Energy" or the "Company")

GOOD ENERGY SECURES AN OPTION OVER 10% OF PROJECTED OUTPUT OF POTENTIAL 495GWh TIDAL LAGOON PROJECT FROM

TIDAL LAGOON (SWANSEA BAY) PLC

Good Energy Group PLC ("Good Energy" or "the Group"), the AIM-quoted renewable electricity supplier, today announces it is to acquire an option over 10% of the output from the Swansea Bay tidal lagoon project, currently forecast at 495GWh per annum,  in a deal that includes a £500,400 equity stake in Tidal Lagoon (Swansea Bay) PLC.

The project, which draws upon existing technology, would have an installed capacity of 320MW, and has been accepted for consideration by the Planning Inspectorate. It is forecast to start generating electricity in 2018.

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

"Investing in this development project gives Good Energy the opportunity to add a significant level of potential tidal energy generation to our existing power portfolio of wind, solar, hydro and biomass renewable energy. This allows Good Energy to further diversify its future sources of renewable electricity, to supply to our growing number of customers and enhance our forecasting capability through predictable generation.

"This is in line with our long term strategy of investing in the development of UK renewable generation assets, to secure power for the future growth of Good Energy's 100% renewable customer base, as once fully commissioned, the tidal lagoon is expected to generate sufficient electricity to power more than 155,000 homes."

 [Ends]

 Enquiries:

Good Energy Group PLC Juliet Davenport, Chief Executive	Tel. [phone]
N+1 Singer (Nominated Adviser and Broker) Andrew Craig / Ben Wright Good Energy Press Office Gill Dickinson Emily Towers Tidal Lagoon Power Andy Field Head of Communications	Tel: [phone] Tel: [phone] Mob: [phone] Tel: [phone] Mob: [phone] Tel [phone] Mob: [phone]

Notes to editors

·      Mark Shorrock, CEO of Tidal Lagoon (Swansea Bay) PLC, is the husband of Juliet Davenport.  Whilst Good Energy is not required to make a disclosure under AIM Rule 13 - Related Party Transactions - as the transaction itself does not exceed the relevant threshold under the rules, Good Energy is identifying the related party nature of this transaction here to facilitate transparency to shareholders. 

·      Good Energy is a licensed electricity supplier. It ensures that all of its customers' demand is 100% matched with electricity from renewable sources over the course of 12 months, backed by Renewable Energy Guarantee of Origin certificates (REGOs). 

·      Good Energy Group PLC is listed on the AIM market of the London Stock Exchange.

·      Good Energy 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 Hampole Wind Farm near Doncaster (combined total capacity of 17.4MWh)

·      It has targeted the development of 50% of capacity of new renewable electricity generation assets by 2016.

·      Good Energy is a founder member of the Social Stock Exchange.

·      Good Energy came joint first in the latest Which? Customer Satisfaction Survey for energy suppliers, and has held first place in four of the last five years.  It won Company of the Year in the British Renewable Energy Awards 2013 and was named as the 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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