2nd Oct 2013 10:12
LONDON (Alliance News) - Good Energy Group PLC Wednesday said it has launched a corporate bond to try and raise up to GBP15 million to help fund expansion in its renewable energy generation capacity.
The AIM-listed renewable electricity supplier operating in the UK said the bonds offer investors a coupon of 7.25% per year to be paid half-yearly, as it is looks to raise GBP5 million, rising to a maximum of GBP15 million if the offering is over-subscribed.
Good Energy said that cash raised by the bonds would be invested in increasing the company's own solar and wind generating capacity as it targets developing 110 megawatts of its own renewable energy by 2016.
In the company's first half results released Monday, Good Energy reported a 32% increase in pretax profit to GBP1.2 million and a 27% increase in sales as its 9.2 megawatt wind farm in Cornwall generated more power than expected.
The company also announced Tuesday that planning consent had been granted on a 30MW solar power site in Pembrokeshire, the company's largest solar power site to date.
Good Energy shares were flat at 181.50 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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