Portfolio

Good Energy to redeem remainder of first renewable energy bond

By Josh White

Date: Tuesday 21 May 2019

Good Energy to redeem remainder of first renewable energy bond

(Sharecast News) - Renewable electricity supplier and localised self-generation power service provider Good Energy Group announced on Tuesday that it would redeem in full the remaining amount of its first bond issued in 2013 before 30 June.
The AIM-traded firm said that as at 31 December, the outstanding principal amount of Good Energy Bonds I was £3.6m.

It explained that, following the recent sale of Newton Downs and Brynwhilach solar farms into community ownership, the purposes for which Good Energy Bonds I was raised had now been fulfilled, and as such the board had 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, the company said its bondholders had supported the development of 13 solar farms across the UK, and nearly 150MW of renewable projects, exceeding its original purpose for the bond.

Good Energy Bonds II would not be affected, the firm confirmed.

"The investment from our bondholders in Good Energy Bond I have been part of our work to create a cleaner, greener future," said Good Energy Group founder and chief executive officer Juliet Davenport.

"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."

Davenport said over 80% of bondholders were also Good Energy customers, with the company "looking forward" to sharing the next steps of its 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 was changing everyone's relationship with energy, Davenport asserted, adding that increasingly people would have greater control of their energy, how much they were using in their homes and businesses, where it was coming from, and what its impact on the environment was.

"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."

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