Acquisition of 50MW North Yorkshire solar project
14 April 2023
LEI: 213800IE1PPREDIIZB62
Atrato Onsite Energy plc
(the "Company")
Acquisition of 50MW North Yorkshire solar project
Atrato Onsite Energy plc (LSE: ROOF), the investment company focusing on clean energy generation, announces the acquisition of a ready-to-build 50MW solar project in Richmond, North Yorkshire.
The ground mounted project will be constructed under a fully wrapped EPC contract. The Company will invest a total of £38m over a 12-month period to acquire and construct the project for a target energisation date in Q2 2024. Harmony Energy Limited, one of the sellers, will continue to support the Company with the delivery of the project.
The Company is running a competitive process across corporate and utility offtakers for the sale and purchase of electricity generated by the project. Once energised, the project is expected to save 11,475 tonnes of CO2e a year and power an equivalent of 17,120 UK homes per annum.
Gurpreet Gujral, Managing Director of Atrato Partners, the Investment Adviser to the Company, said:
"We are pleased to announce this acquisition which is our largest solar energy project to date. At IPO we stated our intention to build a diversified portfolio of behind-the-meter and front-of-the-meter solar assets whilst maintaining one of the lowest sensitivities to power prices in the sector. This brings us a significant step closer in delivering on our strategy."
ENQUIRIES
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Atrato Partners Gurpreet Gujral Christopher Fearon
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+44 (0)77 959 75560 |
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Berenberg Gillian Martin Ben Wright Dan Gee-Summons
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+44 (0)20 3207 7800 |
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Kaso Legg Communications Charles Gorman Millie Steyn
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atrato@kl-communications.com +44 (0)20 3995 6673 +44 (0)20 3995 6671 |
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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