Renewable energy suppliers Good Energy have completed the sale of their solar and wind farms for an estimated £24.5m, to help fund the company’s endeavours within the EV market.
The 47.5MW generation portfolio, which provides 15% of Good Energy customers’ electricity, has been purchased by renewable energy investors Blue Field Partners LLP, who previously acquired the company’s 49.99MW West Raynham solar farm. The solar and wind farms will continue to supply said electricity via power purchase agreements (PPAs).
Proceeds from the sale are reportedly to be invested into the company’s subsidiary Zap-Map, an app helping EV drivers to locate charge points, as well as a “new platform for small scale generators”, providing smart metered power export options.
Nigel Pocklington, Chief Executive Officer of Good Energy, 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.
“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.”