Renewable energy provider Good Energy has confirmed it has taken a further drawdown from its debt facility in order to secure long-term funding for its Carloggas solar farm.
The AIM-listed company confirmed the development in a statement to the market yesterday, stating that a total of £6.6 million had been withdrawn in order to pay for the 8MW site in Cornwall, which was completed in March this year.
Good Energy arranged the £45 million debt facility in December last year via an agreement with Infrastructure Investments Limited, and the latest drawdown takes the facility’s balance to £29.2 million.
The facility is being used in order to support Good Energy’s solar generation portfolio which currently stands at four solar farms, with a further two under construction.
German developer Goldbeck Solar completed Carloggas in time for the 1.4ROC deadline last month but said it to be a particularly challenging project given the site’s granite surface which required 70% of its foundations to be pre-drilled.