In 2014, alongside growing its underlying electricity and gas customer base by 37% and developing and operating its own renewables assets of 24MW, this new Facility is the next piece of its strategy, enabling the construction of a further 18MW of solar sites.
The Facility will support the further development and construction of
The Facility will also be used to refinance the existing debt facility on the Hampole wind farm and its two existing operational solar sites.
The Facility has a fixed rate of interest, with interest charges commencing as the funds are drawn down and is on competitive commercial terms. The funds will be drawn to coincide with the development and construction of each project over the next six months, with maturities aligned to the income of each asset.
The granting of the Facility takes place against a backdrop of trading conditions that have remained tough through the year, with the industry being impacted by the warmest year since records began, and by lower wind speeds over the last few months of the second half. As a consequence, the Company currently expects its profit before tax to be approximately
"During the year, we have made good progress towards our strategic objectives of delivering continued customer growth, increasing our generation capacity and providing funding sources for our generation assets.
"While recent customer demand for energy has been affected by the milder weather this year directly impacting on our revenues for 2014, I am very encouraged by the increasing numbers of customers choosing
For further information, please contact:
N+1 Singer (Nominated Adviser & Broker)
Camarco (Financial PR Adviser)
Good Energy Press Office
Gill Dickinson 01249 765540
Pietro Nicholls / Georgia Fotopoulou 0203 697 1768
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
- 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 around 50,500 renewable electricity customers and 24,000 gas customers (30 Nov 2014). It works with a community of more than 73,000 small and medium scale renewable electricity generators (20 Nov 2014).
- Good Energy is the owner of
- 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 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.
This information is provided by RNS