LONDON (ShareCast) - Good Energy Group has sold a majority share in its wholly owned solar farm in Pembrokeshire as it looks to channel fund into the development of its own supplies.

The AIM-quoted renewable electricity supplier will make at least £1.3m from the sale of a 76% shareholding the consented 27.7MW solar site in Pembrokeshire to Quercus Assets Selection.

Further options on the sale over the remaining 24% of the shareholding may give rise to a higher profit figure depending on when the site is completed and commissioned.

Founding Chief Executive Juliet Davenport said: "This transaction is part of an overall strategy to develop and build out our own renewable energy plant. It supports our long term vision for the company to own and generate 50% of our renewables supply."

House broker N+1 Singer added that if the sale is recognised in current year results it would have a dramatic impact on forecasts and improves the chances of a beat next year.

"After having successfully consented over 80MW of solar development assets over the last few months this deal should provide validation to investors that such assets have value and that a secondary market exists."

Shares in Good were down 5.5% to 259p on the news.

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