Good Energy sheds 27.7-MW solar scheme in Wales

Dec 4, 2013 - UK-based 100% renewable power supplier Good Energy Group Plc (LON:GOOD) said today it had agreed to offload 76% of its stake a 27.7-MW solar project in Pembrokeshire, Wales.

The shareholding in the subsidiary that owns the project will be sold to Quercus Assets Selection for an estimated profit of about GBP 1.3 million (USD 2.1m/EUR 1.6m). The seller also has the option to dispose of its remaining 24% interest in the unit as part of the agreement. The move might yield higher profit depending on when the solar power facility will be put on stream, Good Energy noted.

The deal is part of Good Energy’s strategy to develop its portfolio through divesting some assets, while holding others. It is also in line with the company's vision to own and generate 50% of its renewables supply, founder and CEO Juliet Davenport noted.

Luxembourg-based infrastructure investor Quercus Asset Selection said at the start of the week it had agreed to acquire 254 MW of solar projects in the UK, valued at more than GBP 300 million. Under the deal, the buyer will take possession of 21 solar schemes from UK engineering firm Progressum.

(GBP 1.0 = USD 1.637/EUR 1.207)

Choose your newsletter by Renewables Now. Join for free!