Renewable energy firm Good Energy has raised gross proceeds of £3.1 million through the share offer it launched earlier this month.

The offer, which formally closed on Sunday, was “significantly oversubscribed” and Good received around 2,000 individual applications. 

This forced Good Energy to propose an increase in the total size of its share offer by around £800,000 to £3.8 million, and the proposals were approved by shareholders during the company’s AGM, held yesterday.

The oversubscription will result in more than 350,000 additional new ordinary shares being issued “as soon as possible”, and successful applicants are to be notified shortly.

Juliet Davenport, chief executive at Good Energy, said she was delighted to receive “such overwhelming support” under the share issue.

“We are excited to be embarking upon the next stage of our journey, in which we are aiming to deliver a five-fold growth in the number of customers (household equivalents) by 2020, helping more people to benefit from and meet the increasing consumer demand for 100% renewable electricity and green gas,” she said.

Good Energy’s prospectus for the share offer detailed how the proceeds would be used to help power a new corporate strategy which will see it “refocus” and redeploy its development team, having made substantial cuts to it earlier this year.

The utility’s focus will now shift first and foremost to tailoring its offering for both residential and commercial customers, before looking at battery storage and subsidy-free deployment models.