Good Energy Group PLC Generation portfolio deferred consideration update (8972C)
26 February 2022 - 12:10AM
UK Regulatory
TIDMGOOD
RNS Number : 8972C
Good Energy Group PLC
25 February 2022
Good Energy Group PLC
("Good Energy" or "the Company")
Generation portfolio deferred consideration update
Good Energy Group PLC (AIM: GOOD), the 100% renewable
electricity supplier and innovative energy services provider, today
announces deferred consideration received in relation to the
disposal of its 47.5MW renewable generation asset portfolio
("Portfolio") as part of an ongoing strategic shift to energy and
mobility services.
Transaction summary
On 20 January 2022 the Company announced the disposal of its
47.5MW generation portfolio to Bluefield Solar Income Fund. Total
consideration of up to GBP24.5m was comprised of initial and
deferred payments. The initial consideration of GBP16.4m, less
distributions since the lockbox date of GBP0.7m, resulted in
GBP15.7m being paid to the Company on completion. At that time,
deferred consideration of up to GBP8.1m remained to be paid, with
the final amount to be calculated with reference to an agreed
financial model and based on the actual operational, technical,
real estate and financial position of the Portfolio.
Deferred consideration update
The final deferred consideration payment has been agreed as
follows:
-- GBP4.3m has now been paid, with a further up to GBP0.5m to be
paid on 30 June 2022, subject to Good Energy meeting all its
payment obligations up to that date for power supplied by the
Portfolio to it under the power purchase agreements.
-- The total deferred consideration is therefore agreed to be up to GBP4.8m.
-- Of the GBP3.3m that will not be received, GBP2.3m arose due
to the impact of a third-party energy yield assessment on the
agreed financial model and GBP1m arose during detailed technical
and financial due diligence.
-- Total consideration received to date is therefore GBP20.7m,
with an agreed final total consideration of up to GBP21.2m by 30
June 2022.
Nigel Pocklington, Chief Executive Officer of Good Energy,
said:
"The sale of our generation portfolio, at a significant premium
to book value, is a fantastic deal for our stakeholders. It is also
a significant moment for Good Energy - we are using the capital
from our past to invest in our future.
"Following the shareholder support we received at the recent
general meeting, we look forward to continuing to execute against
our clear and well supported strategic direction. We have an
ambitious plan to capitalise on a rapidly growing market in
decentralised, digitised clean energy and transport services, based
on 100% real renewable power."
Enquiries
Good Energy Group PLC Email: press@goodenergy.co.uk
Nigel Pocklington, Chief Executive
Charlie Parry, Director of Corporate
Strategy & Investor Relations
Luke Bigwood, Director of External
Affairs
SEC Newgate UK Email: GoodEnergy@secnewgate.co.uk
Elisabeth Cowell Tel: +44 (0)7900 248213
Investec Bank plc (Nominated Adviser
and Joint Broker)
Sara Hale / Jeremy Ellis Tel: +44 (0) 20 7597 5970
Canaccord Genuity Limited (Joint Tel: +44 (0) 20 7523 4617
Broker)
Henry Fitzgerald - O'Connor
About Good Energy www.goodenergy.co.uk
Good Energy is a supplier of 100% renewable power and an
innovator in energy services. It has long term Power Purchase
Agreements with a community of 1,900 independent UK generators.
Since it was founded 20 years ago, the company has been at the
forefront of the charge towards a cleaner, distributed energy
system. Its mission is to support UK households and businesses
generate, store and share clean power.
Good Energy is recognised as a leader in this market, through
our green kite accreditation with the London Stock Exchange and as
the only energy supplier with Gold Standard Uswitch Green Tariff
Accreditation for all tariffs.
About Zap-Map www.zap-map.com/live/
Launched in June 2014, with a mission to accelerate the shift to
electric vehicles (EV) and help the drive towards zero carbon
mobility, Zap-Map is the UK's leading EV mapping service. The
charging point map, available on desktop and iOS/Android apps,
helps EV drivers to search for available charge points, plan longer
journeys, pay for charging on participating networks and share
updates with other drivers.
Zap-Map currently has more than 320,000 registered users, and
over 95% of the UK's public points on its network. Over 70% of UK
EV drivers have downloaded Zap-Map, with growth in Zap-Map
downloads more than keeping pace with the rapid growth in the EV
market.
For more information, please visit www.zap-map.com.
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END
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