Good Energy has completed the sale of a large solar site under development to a member of the Trina Solar Group in a bid to fund the development of its existing generation assets.
The renewable electricity utility sold the 4.65MW site at Wrotham in Kent following a competitive tender process and evaluation. The company is thought to have received a net profit of between £430,000 and $480,000, which it said in a statement to the market is in line with its expectations for the year.
Juliet Davenport, founder and chief executive of Good Energy, said: “The proceeds of the transaction will be used for the ongoing development of our generation portfolio. Good Energy continued to invest in and develop generation assets in 2015, successfully gaining consent for three sites and building four solar farms, increasing generation capacity of the group to 48MW.”
“The outlook for the full year financial performance remains in line with current market expectations for 2016. We look forward to updating shareholders on further developments in due course.
The sale follows Good Energy’s announcement in March that it had been forced to reduce its generation development team due to government cuts to renewable energy support. As a result, £575,000 of early-stage development costs were written off due to the projects being deemed unable to progress.
Instead, the company announced that it would focus on its existing portfolio of renewable energy generation assets, particularly its pipeline of wind farms, while maintaining interest in future hydro plants.
The sale of the Wrotham site, which has been developed to enhance the ecology of the land and showcase the biodiversity benefits of a solar project, marks the third project Good Energy has undertaken with Trina Solar.
“We look forward to seeing the operational site and the consequential benefits for the community and local wildlife,” Davenport added.