Good Energy's Crossroad Solar Farm. Image: Good Energy.
Bluefield Solar Income Fund has purchased the entirety of Good Energy’s 47.5MW generating portfolio for up to £24.5 million.
The portfolio contains six solar sites alongside wind assets, and provides around 15% of Good Energy’s customers’ electricity. It is set to continue to do so via power purchase agreements (PPAs).
The portfolio was refinanced and restructured in April 2021, and was held on Good Energy's balance sheet at a net book value of £56.8 million.
Bluefield previously acquired the Good Energy developed 49.99MW West Raynham Solar Farm in 2015, with the site having initially been sold by Good Energy to Trina Solar. As of October 2021, Bluefield's operational portfolio stood at 106 PV plants with a total capacity of 613MWp, with a pipeline of 593MWp of solar and 179MWp of battery projects. It broadened its mandate to allow investment into battery storage and wind in 2020, with its first battery storage acquisition being in August.
Neil Wood, Bluefield Partners LLP, said: “Bluefield’s success in this process is a mark of our commitment to the UK renewables sector and drive to find high quality, highly regulated assets for our shareholders. They are a great fit for our existing operational portfolio”
The sale of the portfolio marks Good Energy’s exit from renewable energy development, with the company to now focus on mobility and energy services.
Good Energy is also to continue to invest in building a new platform for small scale generators, providing smart metered power export. The energy supplier currently sources power from 1,900 renewable generators via PPAs, with the company saying this decentralised model is proven to grow renewables.
The PPAs provide financial security for new projects, with Good Energy providing the examples of two subsidy free solar farms at Flint Landfill and Crumps Yard which were completed in 2021. Developed by ENGIE on land owned by Flintshire County Council, the sites have a cumulative capacity of 3.5MW.