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LONDON - eEnergy Group plc (AIM:EAAS) announced Wednesday an expansion of its previously disclosed solar PV agreement from 47 to potentially 82 schools across the East and West Midlands and parts of London.
The net zero energy services provider has also broadened the scope of work under the Great British Energy Solar Partnership (GBESP) to include LED lighting, electric vehicle charging, and battery installations alongside the original solar PV deployments.
To support the accelerated project timeline, which requires completion by March 2026, eEnergy has entered into an unsecured £1.5 million loan facility with Harwood Holdco Limited. The company has also granted Harwood 8,653,846 five-year warrants to subscribe for new ordinary shares at a strike price of 5.2 pence per share.
The loan carries a 10 percent annual interest rate and is repayable by November 12, 2026, with options to extend for two additional six-month periods subject to Harwood's agreement and a 2.5 percent interest rate increase per extension.
Installation work is expected to begin this month. The company noted that the agreed customer payment terms for the program are longer than its usual terms, increasing short-term working capital requirements.
CEO Harvey Sinclair said: "We are very pleased to announce this +50% increase in the number of potential schools for our significant solar PV project under the GBESP. Since being awarded the preferred supplier in September, we have made excellent progress evaluating the selected schools."
The transaction constitutes a related party transaction under AIM Rules as Harwood Capital, a subsidiary of Harwood Capital Management Limited, holds more than 10 percent of eEnergy's existing issued share capital.
eEnergy stated it is "trading well" and remains on track to deliver revenue and adjusted EBITDA in line with market expectations, barring significant adverse weather in the final two months that could delay solar PV installations.
This article is based on a press release statement from eEnergy Group.
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