Good Energy sells Norfolk solar farm site

Good Energy has achieved agreements to sell its planned 49.9 MW solar farm at West Raynham, Norfolk (England), to a member of China’s Trina Solar group.

The total sale value, which will be received in cash, will be between £3.4 million and £6.8 million and the net profit on sale received by the Company for the development of the site will be between £1.4 million and £3.8 million depending on when the site is completed and commissioned.

In early 2014 the Norfolk County Council granted planning permission for the solar project.

The transaction is part of Good Energy’s strategy to develop its portfolio through a combination of selling some sites and building and holding others. The proceeds of the transaction will be used for the on-going development of further sites.

Juliet Davenport, Founder and CEO of Good Energy, stated:

This transaction is part of our overall strategy to develop and build renewable energy sites. It supports our long term vision for the company to deliver 50% of our renewable electricity requirements from our own renewable generation assets by 2016. Our development pipeline is robust and we have already commissioned both new wind and solar sites this year. We look forward to updating shareholders on further developments in due course.