There is a similitude here:
(508-509) "it is right to deem light and vision sunlike, but never to think that they are the sun, [in the same way] the idea of good [...] you must conceive it as being the cause of knowledge, and of truth [...] but to think that either of them is the good is not right."
And:
(509b) "The sun [...] not only furnishes to visibles the power of visibility but it also provides for their generation and growth and nurture though it is not itself generation. [...] In like manner, then, you are to say that the objects of knowledge not only receive from the presence of the good their being known, but their very existence and essence is derived to them from it, though the good itself is not essence but still transcends essence in dignity and surpassing power.”
In the previous passages (507) there is a restatement of the theory of ideas: “We predicate ‘to be’ of many beautiful things and many good things, saying of them severally that they are, and so define them in our speech.- [...] And again, we speak of a self-beautiful and of a good that is only and merely good, and so, in the case of all the things that we then posited as many, we turn about and posit each as a single idea or aspect, assuming it to be a unity and call it that which each really is. [...] And the one class of things we say can be seen but not thought, while the ideas can be thought but not seen.”
Thus, we have the ideas (also essences) that "can be thought but not seen" and that are the cause of being (like sun is the cause of vision) and they (the objects of knowledge) "receive from the presence of the good their being known, but their very existence and essence is derived to them from it."
Ousia is a very "loaded" term, and too often we read it through Aristotle's eyes: it may mean, depending on the context, i) "being", in the sense "to be something", ii) "being" as the eternal, changeless and perfect: the Forms, and iii) "essence".
Thus, agreeing with @Jo Wehler's answer, the proposed translation has: "the Good itself is not an essence but transcends the essences" (see Aristotle's Met., 988a8-988a17: "for the Forms are the cause of the essence of all other things, and the One is the cause of the essence of the Forms").
We may say that if essence=Form, then the Good (the One) is a sort of super-Form (see Aristotle again: "the Forms are predicated in the case of sensible things, and the One in the case of Forms").
Regarding "beyond being", see Shorey's note to (509b) where "transcends essence" translates "ἐπέκεινα τῆς οὐσίας":
It is an error to oppose Plato here to the Alexandrians who sometimes said ἐπέκεινα τοῦ ὄντος. Plato's sentence would have made ὄντος very inconvenient here. But εἶναι shows that οὐσίας is not distinguished from τοῦ ὄντος here. ἐπέκεινα became technical and a symbol for the transcendental in Neoplatonism and all similar philosophies. cf. Plotinus xvii.1.
Maybe useful: Paul Shorey, The Idea of good in Plato's Republic, pp. 223-225, but I cannot see it.
And see also Plato's unwritten doctrines: "[According to] the advocates of [scholars that] have intensively examined the scattered evidence and testimony in the sources in order to reconstruct the principles of Plato's unwritten doctrines [...] the existence of the Forms as well as the objects we sense are derived from two fundamental principles. The two fundamental 'ur-principles' that are thought to constitute the basis of Plato's unwritten doctrines are The One: the principle of unity that makes things definite and determinate, and The Indefinite Dyad: the principle of 'indeterminacy' and 'unlimitedness'. [...] In logic, the One supplies identity and equality, while the Indefinite Dyad supplies difference and inequality. In ethics, the One signifies Goodness (or virtue), while the Indefinite Dyad signifies Badness." See also Konrad Gaiser, Plato's Enigmatic Lecture 'On the Good' (Phronesis, 1980).
If so, the reading of "the Good" as "the One" is much earlier than Plotinus: "Plotinus found [the One] in Plato’s Republic where it is named ‘the Idea of the Good’ and in his Parmenides where it is the subject of a series of deductions."
See: Eyjólfur Kjalar Emilsson, Plotinus (Routledge,2017), Ch.3.2 The One is beyond being and beyond thought, page 75: "Plotinus frequently describes the One as 'beyond being' (epekeina ousias) clearly echoing Plato’s Republic (509b9) [...] even if Plato speaks just of 'the Good,' this is clearly the same thing as he elsewhere in the Republic calls 'the Idea of the Good.' Plotinus, however, takes the One (the Good) to be beyond the Platonic Ideas. So Plotinus thought Plato identified Ideas and being, and that since he claims the Good to be beyond being, it must be beyond Ideas too, which, of course, flies in the face of Plato’s calling the Good the Idea of the Good.