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11 January 2010
GOOD ENERGY GROUP PLC ANNOUNCES £11.8 MILLION PACKAGE FOR WIND FARM DEVELOPMENT
Good Energy Group PLC today announces a £11.8 million financing package for the repowering of its wind farm at Delabole in North Cornwall. The £11.8 million package includes £9.6 million in debt finance from the Co-operative Bank and £2.2 million equity from Good Energy Group PLC's own resources. Planning approval for the repowering was granted in December 2008, with final permission coming through in December 2009. With the finance now in place, construction can begin and the entire project is expected to be complete by Q4 2010. The repowering of Delabole will see the ten existing turbines replaced with four modern, more powerful, Enercon turbines to harness the wind resource more effectively. With a total combined capacity of 9.2MW, these turbines will increase the wind farm's output by roughly two and a half times, enough to supply over 7,800 homes. The repowering of Delabole is Good Energy's first wind farm development project. The Good Energy Generation team is actively progressing with a pipeline of other opportunities for further investment. Juliet Davenport, Chief Executive of Good Energy Group said: "The Coop and Good Energy have both been at the forefront of renewable energy development for many years and I am delighted to have them as co-funder in this project. Increasing the capacity of Delabole will help contribute to Cornwall's renewable energy targets, increase price stability for our customers and take another step in helping the UK reduce its carbon footprint." Business Development Manager at The Co-operative Bank, James Sutcliffe, who has been heavily involved in the project and specialises in funding onshore wind developments, commented on the project, "Delabole is a very exciting opportunity for our ‘Renewables Team' at The Co-operative Bank and we are continually looking to fund more of these types of project". "We are very pleased to be working with Good Energy Group on this project and our aim is to utilise the experience gained from working with them going forward on other similar projects where there is an established demand for funding for such schemes, which is a sector that fits perfectly with the Bank's ethical and environmental ethos."
Throughout the repowering project, Good Energy's financial advisers were PricewaterhouseCoopers. Mark Hughes, PwC's European Utility Leader, commented, "Closing the financing for the repowering of Delabole is a significant milestone for Good Energy and will deliver both enhanced generation capacity and financial returns for the Group. Being the first commercial windfarm to become operational in the UK it is fitting that it is one of the first to be repowered, a trend that is undoubtedly set to continue. This is a good outcome especially as market conditions for raising project finance remain challenging." Good Energy Group is an independent PLC quoted on PLUS. It owns Good Energy, the 100% renewable electricity supplier, and specialises in investing in renewable energy. Good Energy Group has around 1,700 shareholders, over 90% of whom are customers of Good Energy. - ends - Notes to Editors: - Delabole wind farm was the UK's first commercial wind farm and began generating in 1991.
- When repowered, Delabole wind farm is expected to generate 25,800MW/h per annum and provide enough electricity for over 7,800 homes.
- The shares of Good Energy Group PLC are traded on PLUS Markets and are bound by their regulations. For more information please visit http://www.goodenergygroup.co.uk/
- Good Energy is unique in the supplier industry by buying and selling only 100% renewable electricity. To compare the fuel mix of other suppliers please visit: www.electricityinfo.org/suppliers.php
- More than 26,000 homes and businesses across the UK have switched to Good Energy.
- By paying them for the energy they produce, Good Energy also supports a pioneering community of more than 1000 independent renewable generators that use wind, small-scale hydro, solar power and sustainable biomass to generate heat and power.
- In an official report entitled "Reality or Rhetoric? Green Tariffs for Domestic Customers" from the National Consumer Council, Good Energy was rated the greenest energy supplier in the UK. The report states: "For those consumers who want a green electricity supply, pure and simple, this is probably the closest they will get to it." Good Energy has also been named Best Buy for green electricity by Ethical Consumer magazine.
- Good Energy is owned by the Good Energy Group, an independent PLC. Quoted on PLUS, it specialises in investing in renewable energy. Good Energy Group has around 1700 shareholders, of whom more than 90% are customers of Good Energy.
- Good Energy has won numerous awards including, most recently: West of England Business of the Year 2009; Sunday Times Green Company 2009; Observer Ethical Award for best online retail initiative 2009; and Juliet Davenport won PLUS markets CEO of the Year.
- Through http://www.generateyourown.co.uk/, Good Energy provides a one-stop shop offering advice, products and installation for people interested in generating their own renewable energy.
- The Good Energy Shop helps customers reduce their energy use and costs and sells energy efficient products for low-carbon living. www.goodenergyshop.co.uk
- Join Good Energy today to receive 100% renewable electricity. Call 0845 456 1640 or sign up online at www.goodenergy.co.uk
Media Enquiries Carbon International
David Hopkins
david.hopkins@carboninternational.com
0207 631 2649
Good Energy
Sophy Fearnley-Whittingstall 01249 767482
sophy@goodenergy.co.uk
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