Good Energy has raised more than £10 million from its second corporate bond, which it will use to pursue its new strategy.
The clean energy utility launched its second corporate bond last month, aiming to raise as much as £20 million from existing and new investors – with Good Energy customers offered preferential rates – to pursue new business units including battery storage developments and electric vehicle charging.
Good Energy has shifted strategy since the premature closure of the Renewables Obligation and other subsidy support mechanisms triggered it to effectively shutter its renewables development business, and instead focus on further growth within its customer supply and innovation units.
This morning the company said it had received valid applications for more than £10 million prior to yesterday’s closing. This value could however rise further as the company said it would continue to accept paper application forms for a further week.
Juliet Davenport, chief executive at Good Energy, said the company was thrilled at the success of its latest bond offer which she added demonstrated the “continued significant support” from customers and investors alike.
“Our strategy is clear – deliver sustainable, profitable growth by understanding and meeting our customers’ needs. This aligns the interests of our investors and customers and ultimately our purpose of supplying 100% renewable and carbon neutral solutions to UK customers.
“We will continue our good work, as we develop renewable energy projects and other corporate initiatives, to fuel the future growth of the company,” she said.