Good Energy Group PLC
("Good Energy" or the "Company")
Update on redemption of first Good Energy Bond.
Further to the announcement on 13 February 2018 that Good Energy , the AIM-listed renewable energy supply and generation company, will redeem its first bond ("Good Energy Bonds I") on 29 March 2018, the Company is pleased to announce that it has received valid continuation forms representing £3.6m, or 45% of the total outstanding value of Good Energy Bonds I. This result reflects the large number of bondholders who continue to support Good Energy's work to develop renewable electricity generation projects throughout the UK.
Good Energy will repay the remaining £4.3m of Good Energy Bonds I on 29 March 2018.
The continuing £3.6m of Good Energy Bonds I will pay an interest rate of 4.25% per annum (4.50% effective for Good Energy customers) and provide support for Good Energy's next phase of growth and ability to continue innovating for a cleaner, greener and more prosperous world for future generations. Bondholders continuing to hold Good Energy Bonds I will be entitled to request repayment of their holding on 22 November 2019 or annually thereafter. All other terms and conditions related to Good Energy Bonds I remain the same.
Juliet Davenport, OBE, Founder and CEO of Good Energy commented:
"Good Energy has a long history of customer and investor support and we are delighted at the number of our bondholders who have chosen to continue supporting Good Energy.
Our strategy is clear - deliver sustainable, profitable growth by understanding and meeting our customers' needs. This aligns the interests of our investors and customers and ultimately our purpose of supplying 100% renewable and carbon neutral solutions to UK customers.
We will continue our good work, as we develop renewable energy projects and other corporate initiatives, to support the future growth of the Company."
Good Energy Group PLC +44 (0) 1249 766 795
Juliet Davenport, Chief Executive Officer
Denise Cockrem, Chief Financial Officer
Stephen Rosser, Company Secretary
Investec Bank plc +44 (0) 207 597 4000
Smithfield Consultants +44 (0) 20 3047 2476
Notes to editors:
Good Energy is a fast-growing green energy company, generating and selling 100% renewable electricity and supplying carbon-neutral green gas to households and businesses across the UK.
An AIM-listed PLC, and founding member of the Social Stock Exchange, Good Energy was established in 1999 to empower households and business to address climate changes through their choice of energy supplier.
The Company has been awarded 4 out of 5 stars by Which? for customer service in 2016 and 2017, and has been awarded a "Best Buy" by Ethical Consumer.
As at 30 June 2017, Good Energy reported 71,150 renewable electricity customers and 42,750 carbon neutral gas customers. It also provides Feed-in Tariff administration services to 137,900 sites, bringing the total number of customers to 251,800.
Good Energy is the owner of Delabole Wind Farm, the UK's first commercial onshore wind farm and owns and operates Hampole Wind Farm, near Doncaster. Following the sale of Newton Downs Farm and Brynwhilach Farm, the Group will own and operate six solar farms.
Good Energy received an average customer advocacy of 45. A net promoter score is an index ranging from -100 to 100 that measures the willingness of customers to recommend a company's products or services to others. It is used as a proxy for gauging the customer's overall satisfaction with a company's product or service and the customer's loyalty to the brand.
Good Energy has won a number of awards, including Renewable Energy Association Company of the Year Award 2016, Business Green Company of the Year 2015, and was named Social Impact Company of the Year at the 2014 and 2015 Small Cap awards.