REG - Good Energy Group - Generation portfolio deferred consideration update

Good EnergyAnnouncement

01/07/2022 07:00

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RNS Number : 9140Q  Good Energy Group PLC  01 July 2022

Good Energy Group PLC

("Good Energy" or the "Company")

Final update on generation portfolio deferred consideration

Good Energy Group PLC (AIM:  GOOD), the 100% renewable electricity supplier
and innovative energy services provider, today announces the final 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.

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
£24.5m was comprised of initial and deferred payments.  The initial
consideration of £16.4m, less distributions since the lockbox date of £0.7m,
resulted in £15.7m being paid to the Company on completion.  At that time,
deferred consideration of up to £8.1m 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.

On 25 February 2022 the Company announced that the final amount of deferred
consideration amount had been agreed and that £4.3m deferred consideration
was paid on that date with a further £0.5m to be paid on 30 June 2022.

The company now confirms that the final deferred consideration payment of
£0.5m has been received.  As a result, the final total consideration
received in respect of the Portfolio was £21.2m.

 

Enquiries

 Good Energy Group PLC                                                    Email: press@goodenergy.co.uk (mailto: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 (mailto:GoodEnergy@secnewgate.co.uk)
 Elisabeth Cowell / Molly Gretton                                         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 Broker)                                  Tel: +44 (0) 20 7523 4617

 Henry Fitzgerald - O'Connor

 

About Good Energy www.goodenergy.co.uk (http://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
power a cleaner, greener world and make it simple to generate, share, store,
use and travel by clean power.  Its ambition is to support one million homes
and businesses to cut carbon from their energy and transport used by 2025.

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.

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