5th Aug 2014 10:40
LONDON (Alliance News) - Good Energy PLC Tuesday said it has agreed to sell its 49.9 megawatt solar farm in Norfolk to a member of the Trina Solar group for a cash payment of between GBP3.4 million and GBP6.8 million.
The AIM-listed renewable electricity supplier said that it made the decision following a competitive tender process for the sale of the solar farm, located at West Raynham near Fakenham.
The company said net profit on the sale will be between GBP1.4 million and GBP3.8 million depending on when the site is completed and commissioned.
Good Energy said the sale is part of its strategy to develop its portfolio through a combination of selling some sites and building and holding others. It said the proceeds of the deal will be used for the on-going development of further sites.
The company said its outlook for the full-year financial performance remains in line with current market expectations.
"This transaction is part of our overall strategy to develop and build renewable energy sites," Chief Executive Juliet Davenport said in a statement. "It supports our long-term vision for the company to deliver 50% of our renewable electricity requirements from our own renewable generation assets by 2016."
Good Energy shares were up 1.2% to 235.35 pence on Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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