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Good Energy launches 7.25% corporate bond

2 Oct 2013 07:00

RNS Number : 4802P
Good Energy Group PLC
02 October 2013
 



 

 

Good Energy launches 7.25% corporate bond

 

Proceeds to help fund expansion in renewable energy generation capacity

 

Good Energy Group plc ("Good Energy" or "the Group"), the AIM quoted renewable electricity supplier, announces the launch of its first corporate bond ("Good Energy Bonds").

 

· The Good Energy Bonds offer investors a coupon of 7.25% per annum, paid half-yearly

· In addition, any Good Energy customer or generator investing in the Good Energy Bonds will be paid at maturity the equivalent to 0.25% for each year of being a customer and a bondholder

· The Good Energy Bonds have an initial term of four years and are being issued by Good Energy Group

· Looking to raise £5 million through the Good Energy Bonds, up to an over-subscription maximum of £15 million

· The Good Energy Bonds also provide investors with a strong social return, as funds raised from the Good Energy Bonds will be invested directly in UK clean energy infrastructure

· Investments can be made in multiplies of £500, with no maximum

· The Good Energy Bonds are an unsecured debt of the Company

 

The launch of the Good Energy Bonds is intended to raise finance for the Group to invest in increasing its own solar and wind generation capacity. The proceeds will contribute to the Group's overall objective of developing 110MW of its own renewable energy generation capacity by 2016; targeting 50% of its customer's future electricity supplies.

 

Good Energy has over 100,000 customers and generators, and has topped the Which? Customer Satisfaction Survey for electricity suppliers for three out of the last four years. It operates a 9.2MW wind farm which provides 16% of its electricity supply, with a further 8.2MW of wind-generated power capacity under construction. The Group is also now has a wind and solar farm development portfolio in excess of 200MW.

 

In 2012 the Company reported annual revenue of £28.2m with profit before tax of £1.4m.

 

The Group is also a founding member of the Social Stock Exchange, an exchange founded for connecting Social Impact Businesses with investors looking to generate social or environmental change as well as financial returns.

 

Juliet Davenport, OBE, Founder and CEO of Good Energy commented:

 

"We are delighted to launch the Good Energy Bonds, the proceeds of which will be used to strengthen our balance sheet and to help us to accelerate the build-out of our pipeline of UK renewable energy projects. This is increasingly important as we look to meet our commitments to our rapidly expanding customer base.

 

"We believe this product provides investors and customers with the opportunity to be a part of the development of the UK's green energy market and Good Energy's expansion in particular, while also providing a yield backed by a Group which has a strong financial track record."

 

Applications for the bond are due to close on 13th November 2013.

 

For more information on the Good Energy Bonds, please see goodenergy.co.uk/bond

 

Enquiries:

For more information in relation to the Good Energy Bonds please contact:

Victoria Geoghegan T +44 20 7861 3925 M +44 7917 551155Duncan Mayall T +44 20 7861 3888 M +44 7840 560 661Elizabeth SnowT +44 20 7861 3821 M +44 7912 540 246

N+1 Singer (Nominated Adviser and Broker)

Andrew Craig / Ben Wright Tel: +44 (0) 20 7496 3000

 

 

Notes to Editors

· Good Energy Group plc is quoted on the AIM market of the London Stock Exchange. For more information please visit: www.goodenergygroup.co.uk

· Good Energy is a licensed electricity supplier. It ensures that all their electricity is 100% matched with electricity sourced from renewable energy, backed by Renewable Energy Guarantee of Origin certificates (REGOs) over the course of 12 months. To compare the fuel mix of other suppliers please visit: www.electricityinfo.org/suppliers.php

· Good Energy has over 35,000 renewable electricity customers. In 2008, Good Energy added a Gas product to its range. It now has over 12,000 gas customers.

· Good Energy provides services to a community of over 55,000 small and medium scale renewable electricity generators.

· Good Energy is the owner of Delabole Wind Farm, the UK's first commercial wind farm. It has targeted the development of 110MW of capacity of new renewable electricity generation assets by 2016.

· Good Energy is a founder member of Ethex and the Social Stock Exchange.

· Good Energy has recently won a number of awards, including:

- Good Energy has come top in the latest Which? Customer Satisfaction Survey for energy suppliers in 3 of the last 4 years.

- Good Energy won the Company of the Year Award in the British Renewable Energy Awards 2013

- In 2013, Good Energy was named best green electricity supplier by the ethical and environmental magazine, Ethical Consumer.

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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