Saturday, May 21 2022 Sign In   |    Register
 

News Quick Search


 

News


Front Page
Power News
Today's News
Yesterday's News
Week of May 16
Week of May 09
Week of May 02
Week of Apr 25
Week of Apr 18
By Topic
By News Partner
Gas News
News Customization
Feedback

 

Pro Plus(+)


Add on products to your professional subscription.
  • Energy Archive News
  •  



    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    Good Energy offloads 47.5-MW generation portfolio to Bluefield Solar


    January 20, 2022 - SeeNews Renewables

     

      January 20 (Renewables Now) - UK renewable power company Good Energy Group Plc (LON:GOOD) has sold its entire 47.5-MW portfolio of renewable generation assets to Bluefield Solar Income Fund Ltd (LON:BSIF), the firms said today.

      Good Energy put the portfolio up for sale in November 2021 as part of its shift to decentralised energy and mobility services. Bluefield Solar bought the assets after a competitive process for up to GBP 24.5 million (USD 33.4m/EUR 29.4m).

      The portfolio includes six solar farms with a combined capacity of 30.1 MWp and two wind farms totalling 17.4 MWp, mainly located in South West England.

      The sales price comprises an initial equity consideration of GBP 16.4 million and deferred payments of up to GBP 8.1 million, subject to due diligence milestones over the next four to six weeks. The portfolio also has GBP 39.1 million of long-term debt.

      Good Energy said the deal is at a premium to the portfolio’s net book value of GBP 17.7 million as of June 30, 2021. The solar and wind parks supply some 15% of its customers’ electricity, with these supplies to continue under power purchase agreements (PPAs).

      Good Energy will invest the proceeds into its strategy, which includes participation in the ongoing funding round by its subsidiary electric vehicle (EV) mapping service Zap-Map.

      The buyer noted that the portfolio will have about 65% regulated revenues in the 2021-2034 period. Five of the solar plants are accredited under the feed-in-tariff (FiT) regime and one under the Renewable Obligation Certificate (ROC) regime with a tariff of 1.4 ROCs. The wind farms are accredited under the ROC regime at 1 ROC and 0.9 ROCs respectively.

      “Not only does this acquisition mark our second purchase of operational wind assets within the space of six months, but it also adds a very attractive portfolio of solar assets with a high proportion of regulated revenues to the Company's significant existing portfolio,” said Bluefield Solar chairman John Rennocks.

      The acquisition brought the fund’s total installed capacity to 673 MWp.

      (GBP 1 = USD 1.362/EUR 1.201)

    TOP

    Other Articles - International


    TOP

       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.