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Good Energy Makes Drawdown As It Extends Financing Facility

Thu, 13th Aug 2015 07:40

LONDON (Alliance News) - Good Energy Group PLC on Thursday said it has extended its non-recourse debt financing facility with GCP Infrastructure Investments Ltd, an infrastructure debt fund listed in London.

The deal extends a facility entered in December 2014. It means that an extra sum of up to GBP8.5 million will be available to Good Energy for the development and construction of its solar generation portfolio.

Funds will be drawn down to coincide with the development and construction of each project, the company said.

Good Energy said it is drawing down a further GBP4.0 million from the facility. That will provide long term funding for its new five megawatt solar farm at Crossroads Plantation in Dorset.

The drawdown means the total balance under the facility sits at GBP37.3 million.

The company said it now has six operational solar farms, with another site due to be built later this year.

Good Energy shares were untraded on Thursday morning.

By Samuel Agini; samagini@alliancenews.com; @samuelagini