Good Energy to extend maturity date after redeeming first bond offer

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Published: 15 Feb 2018, 12:17

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The Newton Downs solar farm. Image: Good Energy.

Good Energy is to redeem the value of its first bond offer after completing the sale of its remaining assets under the issue, but is to offer an extension to the maturity date to meet continuing demand from investors.

The renewable energy supplier launched its first bond offering in 2013 aiming to raise up to £15 million to fund construction of solar and wind assets by offering bondholders 7.25% return per annum.

Good will now redeem its bond on March 29 following the sale of Newton Downs solar farm in Devon and Brynwhilach solar farm near Llangyfelach, Swansea which were among the sites originally intended for the issuance. 

These were sold to Community Owned Renewable Energy (CORE), which is funded by community and social impact focussed investors Big Society Capital and PTC Renewable Energy, for £5.8 million and £5.6 million respectively.

Existing bondholders have now been contacted by Good Energy offering the opportunity to continue their investment at an interest rate of 4.25% per annum, or 4.50% for Good Energy customers, after a “number” of bondholders requested the continuation.

Those continuing their investment will be able to request repayment of their holding on 22 November 2019 or annually thereafter, with all other terms and conditions remaining the same.

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