Good Energy secures finance to bolster Cornish wind farm

The £11.8 million package includes £9.6 million in debt finance from the Co-operative Bank and £2.2 million equity from Good Energy Group PLC’s own resources.

Planning approval for the repowering was granted in December 2008, with final permission coming through in December 2009. With the finance now in place, construction can begin and the entire wind power project is expected to be complete by Q4 2010.

The repowering of Delabole will see the ten existing wind turbines replaced with four modern, more powerful, Enercon wind turbines to harness the wind resource more effectively. With a total combined capacity of 9.2MW, these wind turbines will increase the wind farm’s output by roughly two and a half times, enough to supply over 7,800 homes.

The repowering of Delabole is Good Energy’s first wind farm development project. The Good Energy Generation team is actively progressing with a pipeline of other opportunities for further investment.

Juliet Davenport, Chief Executive of Good Energy Group said: “The Coop and Good Energy have both been at the forefront of renewable energy development for many years and I am delighted to have them as co-funder in this project. Increasing the capacity of Delabole will help contribute to Cornwall’s renewable energy targets, increase price stability for our customers and take another step in helping the UK reduce its carbon footprint.”

Business Development Manager at The Co-operative Bank, James Sutcliffe, who has been heavily involved in the wind energy project and specialises in funding onshore wind developments, commented on the project, “Delabole is a very exciting opportunity for our ‘Renewables Team’ at The Co-operative Bank and we are continually looking to fund more of these types of project”.

“We are very pleased to be working with Good Energy Group on this project and our aim is to utilise the experience gained from working with them going forward on other similar projects where there is an established demand for funding for such schemes, which is a sector that fits perfectly with the Bank’s ethical and environmental ethos.”

Good Energy Group is an independent PLC quoted on PLUS. It owns Good Energy, the 100% renewable electricity supplier, and specialises in investing in renewable energy. Good Energy Group has around 1,700 shareholders, over 90% of whom are customers of Good Energy.