Renewable electricity company Good Energy has completed the sale of its owned and operated wind and solar farms.
The sale, for up to £24.5 million, will help fund the Chippenham firm’s ongoing shift to energy and mobility services.
The firm announced its intention to pivot from energy generator to services supplier back in November, with CEO Nigel Pocklington saying the firm’s 20-year “job is done” as a producer of renewable energy.
Renewable energy investment specialists Bluefield Partners LLP purchased the portfolio following a competitive process. Bluefield previously acquired the Good Energy developed 49.99MW West Raynham Solar Farm in 2015.
Good Energy plans to invest the funds from the sale into its ongoing strategy, including participating in the current funding round being undertaken by its subsidiary Zap-Map.
The UK’s go-to app for electric vehicle charging has had a successful 12 months, launching numerous commercial propositions during an explosive time for the EV market.
In addition, Good Energy says it will continue to invest in building a new platform for small scale generators, providing smart metered power export, as part of its ongoing commitment to decentralised energy.
The 47.5MW generation portfolio provides around 15 per cent of Good Energy customers’ electricity, and will continue to do so via power purchase agreements (PPAs).
This will see the wind and solar sites, which include the UK’s first commercial wind farm at Delabole in Cornwall – which celebrated its 30th anniversary last year – join the community of more than 1,900 renewable generators across the country which Good Energy sources power from via PPAs.
This decentralised model is proven to grow renewables, with Good Energy’s PPAs providing essential financial security for new projects such as the subsidy-free solar farms at Flint Landfill and Crumps Yard which were completed in 2021.
Alongside Delabole, the sale also includes the Good Energy developed Hampole Wind Farm, which powered on in 2014. In addition to the wind farms are six solar farms, located across Cornwall, Dorset and Wiltshire.
Good Energy CEO Nigel Pocklington said: “The sale of our generation portfolio is a transformational moment for Good Energy and a fantastic deal for all of our stakeholders. Good Energy did the hard work getting these sites built, and now we are recycling that capital from our past to invest in our future.
“Last year, we outlined our clear strategic direction to capitalise on a rapidly growing market in decentralised, digitised clean energy and transport services, based on 100 per cent ‘real’ renewable power.
“We are ideally positioned to benefit from this trend through our investment in Zap–Map, the UK’s leading EV app, and our growing stable of other energy products and services.
“We expect to make further investments across both transport and decentralised energy to deliver our strategic plan, which we believe has massive headroom for growth.
“Alongside 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.”
Neil Wood, Bluefield Partners LLP, said: “Bluefield’s success in this process is a mark of our commitment to the UK renewables sector and drive to find high quality, highly regulated assets for our shareholders. They are a great fit for our existing operational portfolio.”
Last week it was revealed that eco-power rival Ecotricity – which owns a 25.1 per cent stake in Good Energy – had issued a requisition notice to convene a general meeting of shareholders to consider two resolutions: the first to remove William Whitehorn from office as a director of the company, and the second to direct the board not to dispose of the company’s generation assets without shareholder approval.