Good Energy launches new corporate bond
Renewable energy supplier looking to invest in energy storage and EV networks
The renewable energy supplier Good Energy has launched its second corporate bond in a bid to raise £10 million.
Good Energy Bonds II was launched today and offers a coupon of 4.75 per cent gross per annum, to be paid semi-annually.
The bonds can be bought in multiples of £250 and the company is looking to raise £10 million, with an over-subscription maximum of £20 million.
Company founder Juliet Davenport said Good Energy is looking to grow its “core generation and supply business”, as well as focus on other areas, such as “energy storage, electric vehicle networks and green business consultancy to support consumer and business needs in this new environment”.
The company’s first corporate bond, which was launched in 2013, raised £15 million in an oversubscribed offer.
The proceeds from the first bond were primarily used to support the development of solar farms that supply electricity to tens of thousands of UK homes.
Good Energy has more than doubled its revenues and profits since 2013 and last year delivered revenue growth of 41 per cent to £90.1 million and EBITDA growth of 39 per cent to £10.1 million.
“Good Energy has a long history of customer ownership and we are continuing this with the launch of Good Energy Bonds II, which will be used to develop renewable energy projects and broader corporate initiatives to fuel the future growth of the company,” added Davenport.
“Our strategy is clear – deliver sustainable, profitable growth by understanding and meeting our customers’ needs. We believe this aligns with not only the interests of our investors and customers but ultimately our purpose of supplying 100% renewable and carbon neutral solutions to UK customers.”
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