Good Energy Group PLC
Full Redemption of the first Good Energy Bond
100% renewable electricity supplier and localised self-generation power service provider, Good Energy Group PLC ("Good Energy" or "the Company"), announces that it will redeem in full the remaining amount of its first bond issued in 2013, before 30 June 2019. As at 31 December 2018, the outstanding principal amount of Good Energy Bonds I was £3.6m.
Following the recent sale of Newton Downs and Brynwhilach solar farms into community ownership, the purposes for which Good Energy Bonds I was raised have now been fulfilled, and the Company has today written to all remaining holders of Good Energy Bond I to inform them of the decision to redeem the remainder of the first bond.
Through their investment in Good Energy Bonds in 2013, Good Energy's bondholders have supported the development of thirteen solar farms across the UK and nearly 150MW of renewable projects - exceeding our original purpose for the bond.
Good Energy Bonds II will not be affected.
Juliet Davenport, Founder and Chief Executive Officer of Good Energy, said:
"The investment from our Bondholders in Good Energy Bond I have been part of our work to create a cleaner, greener future. Our investments in renewable generation sites have meant more homes and businesses across the UK have renewable energy today.
We continue to empower over 250,000 customers to fight climate change, by enabling them to choose, generate and share clean power. Over 80% of our bondholders are also Good Energy customers and we look forward to sharing the next steps of our journey with them.
The year ahead will be an important one for us, as we roll out our SMART meter programme and focus on the growth of technology enabled energy services for our customers. Technology is changing everyone's relationship with energy. Increasingly people will have greater control of their energy, how much they are using in their homes and businesses, where it comes from and what its impact on the environment is. Furthermore, the growth of electric vehicles is bringing smart-grid technology to the fore and our recent investment in Zap-Map accelerates our position in that market.
Good Energy will continue to focus on profitable and sustainable growth, led by supplying power to consumers and businesses, while building significant shareholder value through its strategic investments and proposition development."
Good Energy Group PLC
Juliet Davenport, Chief Executive
Charles Parry, Investor Relations
Tel: +44 (0)1249 766795
Investec Bank plc (Nominated Adviser)
Tel: +44 (0) 20 7597 5970
Walbrook (Financial PR)
Tel: +44 (0) 20 7933 8794
Notes to editors:
About Good Energy www.goodenergy.co.uk
Good Energy was founded in 1999 by Juliet Davenport OBE with the ambition to tackle climate change by generating and investing in renewable energy. Its purpose is to power the choice of a cleaner, greener future together with its customers, employees and investors.
Since it started, the company has been supplying clean power, sourced from its own generation assets as well as from independent, UK-based renewable generators. Good Energy also pioneered a more localised approach to energy by supporting home generation, launching the HomeGen scheme in 2004, which became the blueprint for the Feed-in Tariff.
Today, it continues to support and invest in localised energy generation, as the only UK energy company with more home-generation customers than supply. From using digital innovation to help UK households and businesses manage their energy usage more efficiently, to empowering more people to generate, store and share clean power, it is leading the charge towards a cleaner, distributed energy system.