Investment of £29 million into two solar projects

RNS Number : 0833U

Atrato Onsite Energy PLC

24 March 2023

 

24 March 2023

LEI: 213800IE1PPREDIIZB62

Atrato Onsite Energy plc

(the "Company")

Investment of £29 million into two solar projects

Atrato Onsite Energy plc (LSE: ROOF), the investment company focusing on clean energy generation, announces two transactions for a combined consideration of £29 million. Both projects are expected to deliver long dated, highly visible, contracted cashflows with inflation linked uplifts.

London Road Energy Centre Limited

The Company has acquired a ready to build 28MW ground-mounted solar project in Wellingborough, Northamptonshire. The project has been acquired from Heliofidem UK Ltd, with energisation expected in Q4 2023.

The Company has also signed heads of terms and an exclusivity agreement with a large multinational food and beverage company for the sale and purchase of electricity generation from this project via a sleeved power purchase agreement.

Huntapac Produce Limited

The Company also announces reaching financial close on a 1MW new rooftop solar project in Preston, Lancashire. The project has a 16-year PPA with Huntapac Produce Limited, one of the largest vegetable producers in the UK. Energisation is expected in Q4 2023.  

Gurpreet Gujral, Managing Director of Atrato Partners, the Investment Adviser to the Company, said:

"I am very pleased to announce these transactions. The London Road project is our largest single asset transaction to date and will be Atrato Onsite Energy's first sleeved PPA deal. Long dated sleeved PPAs with corporates are an exciting development in the UK solar sector and one from which ROOF is naturally very well positioned to benefit".

ENQUIRIES

Atrato Partners Gurpreet Gujral Christopher Fearon	[phone]
Berenberg Gillian Martin Ben Wright Dan Gee-Summons	[phone]
Kaso Legg Communications Charles Gorman Millie Steyn	[e-mail] [phone] [phone]

Notes to Editors

Atrato Onsite Energy plc (LSE: ROOF) is an investment company focused on clean energy generation, providing new renewable energy capacity with 100% carbon traceability to industrial and commercial counterparties. The Company focuses on UK commercial solar, helping its corporate clients achieve net zero and reduce their energy bills. It raised £150 million in a significantly oversubscribed IPO in November 2021. Atrato Onsite Energy plc provides investors with attractive capital growth and secure, index-linked income, targeting a 5% dividend yield and a total shareholder return of 8 - 10%⁽¹⁾. Its shares were admitted to trading on the premium segment of the Main Market of the London Stock Exchange on 23 November 2021. Atrato Partners Limited is the Company's investment adviser.

Further information is available on the Company's website, www.atratoroof.com .

(1) The target dividend set out above is a target and is not a profit forecast. There can be no assurance that this target can or will be met. This target has been developed based upon assumptions with respect to future business decisions and conditions that are subject to change, including the Company's execution of its investment objective and strategies, as well as growth in the sector and markets in which the Company operates. As a result, the Company's actual results may vary from the targets set out above and those variations may be material. The target dividend yield reflects the IPO price of 100 pence per Ordinary Share.

 

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