Good Energy to sell stocks to finance U.K. solar construction worth GBP3.8 million

By IVCPOST Staff Reporter

Jul 11, 2013 09:18 AM EDT

Britain's renewable power provider, Good Energy Group Plc, planned to raise GBP3.8 million equivalent to US$5.8 million by selling its stocks. Good Energy wanted to pay the building of 10 megawatts of solar park developments in the state through the sale.

The company would sell around 3.1 million stocks worth 125 pence each. The power generated would be sufficient to supply approximately 2,300 homes, according to the Chippenham-headquartered company.

By 2016, Good Energy targeted to install up to 110 megawatts of solar and wind power. This was in accordance to UK's 2020 plan to get 15% of its energy from renewable supplies.

Under the country's Renewable Obligation program, the providers of sun and wind power presently obtained premium payments for the electricity.

The company already negotiated with possible lenders like Co-operative Bank Plc. The deal included raising debt following the consent for the project. It would also seek to sell some of the projects, according to the statement by the company.

Every solar project was worth GBP1 million per megawatt with proceeds of about 9% to 12%.

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