Green energy firm Good Energy has announced the sale of its wind and solar generation assets to investment firm Bluefield Solar Income Fund (BSINF) in a deal worth up to 拢24.5m.
The Chippenham-based supplier鈥檚 disposal of its 47.5MW renewable portfolio is part of a strategic shift towards energy and mobility services, driven by further investment in its electric vehicle (EV) mapping platform Zap Map.
The company said the sale of its six solar farms and two wind farms - including the country鈥檚 first commercial wind farm at Delabole in Cornwall - included an initial consideration of 拢16.4m, rising up to 拢24.5m with deferred add-ons.
The AIM-listed firm said the transaction was at a premium to net book value, and left the company 鈥渟ubstantially debt free with a strong cash position.鈥
As of June 30 2021 , the portfolio was held on Good Energy鈥檚 balance sheet at a net book value of 拢17.7m, with gross assets of 拢56.8m and debt outstanding of 拢39.1m. The portfolio recorded pre-tax profits of 拢0.2m in the six months ended 30 June 2021.
The company said it would use proceeds from the sale -which was led by KPMG - to accelerate and support further investments in both transport and decentralised energy. It reiterated its intention to participate in an anticipated 拢7m funding round for Zap Map, to support the platform鈥檚 expansion in the 海角视频 and overseas.
Nigel Pocklington, chief executive of Good Energy, said the deal was 鈥渢ransformational鈥 for the company and its stakeholders.
Mr Pocklington said: 鈥淎longside these investments into mobility and energy services, this transaction reduces debt and further strengthens our balance sheet, which is particularly important given the current volatility in the energy market.鈥
Neil Wood of Bluefield Partners LLP, who advised BSINF on the deal, said: 鈥淏luefield鈥檚 success in this process is a mark of our commitment to the 海角视频 renewables sector and drive to find high quality, highly regulated assets for our shareholders. They are a great fit for our existing operational portfolio.鈥
Good Energy has proceeded with the sale despite a challenge from rival supplier Ecotricity, who have a 25% stake in the company.
Ecotricity, owned by Gloucestershire-based businessman Dale Vince, has filed motions to remove Good Energy chairman Will Whitehorn and to stop the company鈥檚 board disposing of its generation assets without shareholder approval.
The requisitioned general meeting of Good Energy shareholders will be held to consider the motions on February 11.
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