Good Energy to get GBP 6.8m from 49.9-MW solar park sale

Nov 6, 2014 - UK renewable energy supplier Good Energy Group Plc (LON:GOOD) said today it will unload a 49.9-MW solar park in eastern England to a unit of China-based Trina Solar Ltd (NYSE:TSL) for GBP 6.8 million (USD 10.9m/EUR 8.7m).

The sale price is the top end of the previously agreed range of GBP 3.4 million and GBP 6.8 million, announced in August, the UK firm explained. Accordingly, the net profit that Good Energy will realise from the disposal will be at the top end of the agreed GBP-1.4 million-3.8 million range, which will be reflected in the company’s year-end results.

Good Energy plans to spend the net proceeds from the sale on the on-going development of other schemes. It noted that the transaction is in line with its strategy to develop its portfolio through selling some sites and building and holding others. The company's long-term vision is to deliver 50% of its renewable energy requirements from its own assets by 2016.

The 49.9-MW solar park is currently being built on an airfield in Norfolk. Once completed, it is expected to produce enough electricity to power about 11,287 households.

(GBP 1.0 = USD 1.599/EUR 1.278)

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