Transaction Update - Sonne Solar & Recipharm
7 September 2022
LEI: 213800IE1PPREDIIZB62
Atrato Onsite Energy plc
(the "Company" or "ROOF")
Transaction Update
Atrato Onsite Energy plc (LSE: ROOF), the renewables investment trust focusing on UK commercial onsite energy, today announces two transactions for a combined consideration in excess of £31m. These are expected to deliver long dated, contracted cashflows with annual inflation or fixed uplifts in line with the Company's targeted returns.
Sonne Solar
The Company has acquired 100% of the shares of Sonne Solar Ltd - a company that owns an operational portfolio and a development pipeline of behind-the-meter ("BTM") solar PV systems - from Cero Generation (an independent portfolio company of Macquarie's Green Investment Group).
The operational portfolio consists of 33MW of installed capacity across 32 rooftop and ground mount BTM assets in the UK. The offtakers are all institutional grade and the project revenues benefit from annual inflation or fixed uplifts, with a remaining average maturity of 21 years for the power purchase agreements.
The development portfolio consists of a further 33 pipeline sites that are part of a framework agreement with a single FTSE100 business.
Recipharm
The Company also announces reaching financial close on a c. 1MWp new rooftop solar project, benefitting from a 25-year power purchase agreement with a wholly owned subsidiary of Recipharm AB ("Recipharm"). The installation is expected to be commissioned before the end of 2022.
Gurpreet Gujral, Managing Director of Atrato Partners Limited, the investment adviser to the Company, said:
"We're delighted to announce these transactions. The Sonne operational assets are an immediate source of income for ROOF whilst the development portfolio provides attractive further pipeline.
The Recipharm transaction represents ROOF's first project within the pharmaceutical sector. We are delighted to be able to provide Recipharm with a new rooftop PV system that will generate long term, low cost and fully traceable green energy."
ENQUIRIES
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Atrato Partners Limited Gurpreet Gujral Francisca Wiggins Carcie Rogers
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+44 (0)20 3790 8087 |
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Alvarium Securities Limited Mark Thompson Eddie Nissen Oliver Kenyon
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+44 (0)20 7016 6711 +44 (0)20 7016 6713 +44 (0)20 7016 6704 |
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Kaso Legg Communications Charles Gorman Millie Steyn |
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 onsite clean energy generation, providing new renewable energy capacity with 100% carbon traceability to industrial and commercial counterparties. The Company focuses on UK commercial rooftop and onsite 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. ROOF 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 and target NAV total return set out above are targets only and are not profit forecasts. There can be no assurance that these targets can or will be met. These targets have 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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