Good Energy Group PLC Good Energy renews offshore deal with sted (1722K)

TIDMGOOD

RNS Number : 1722K

Good Energy Group PLC

06 April 2018

Good Energy Group PLC

("Good Energy" or the "Company")

Good Energy renews unique offshore wind deal with Ørsted for a further two years

Good Energy Group PLC, an established clean energy company, today announces the renewal of an agreement with Ørsted (formerly DONG Energy) to source offshore wind power for its customers for a further two years.

The agreement between Ørsted and Good Energy Limited continues to secure 12% of the output of the 210MW Westermost Rough Wind Farm, located in the North Sea 8km off the Yorkshire coast and operated from Ørsted's base in Grimsby. This represents enough renewable electricity to power more than 26,000 average homes. Westermost Rough is owned by Ørsted, the Green Investment Group (GIG) and a consortium comprising GIG, Macquarie European Infrastructure Fund 5 (MEIF5) and the Universities Superannuation Scheme (USS).

The renewal of terms for a further two years reflects the success of the ongoing relationship between Good Energy and Ørsted as part of a wider programme to explore opportunities for further cooperation over time.

Juliet Davenport, Founder and Chief Executive Officer of Good Energy, said:

'This unique agreement allows us to continue to deliver offshore wind power to our customers, as a core component of our clean energy fuel mix, complementing our onshore wind, solar and biomass, and reflecting our ongoing commitment to providing 100% renewable electricity.

"The site's generation output has performed ahead of expectations over the past 12 months, highlighting the innovations deployed in operation of the windfarm, which is reducing the cost of wind power generation.

"This agreement is a great fit for Good Energy and a good outcome for both our domestic and business customers, and we are pleased to be part of the continued success story of British offshore wind, playing our part by buying power from a pioneering green investment project in Westermost Rough.

"Ørsted is a world leader in offshore wind power generation and shares our passion for innovation in renewable energy. We look forward to continue working together."

Søren Scherfig, Senior Vice President and Head of Markets at Ørsted said:

"'We continue to enjoy working with Good Energy. Together, we share ambitions to create a green and climate friendly energy system.

"Our partnership also represents a fine opportunity for Ørsted to demonstrate that we are committed to the UK. By supplying sustainable, reliable and affordable energy we support the energy transformation within the UK."

Ends

Enquiries:

Good Energy Group PLC

Juliet Davenport, Chief Executive Tel: [phone]

Charles Parry, Investor Relations

Investec Bank plc (Nominated advisor)

Jeremy Ellis Tel: [phone]

George Price

Smithfield (Financial PR)

Alex Simmons Tel: [phone]

Brett Jacobs

Ørsted Media Relations

Morten Kidal Tel: [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCUNAVRWRASRAR

(END) Dow Jones Newswires

April 06, 2018 11:12 ET (15:12 GMT)