13 May
2024
Atrato Onsite Energy
plc
(the "Company")
INVESTMENT INTO 9.5MW OF SOLAR PV
SYSTEMS
Atrato Onsite Energy plc (LSE: ROOF), the
investment company focusing on clean energy generation,
is pleased to announce two solar investments for a combined
consideration of £6.4m. The investments comprise 9.5MW of solar
capacity and are expected to deliver long dated,
highly visible, contracted cashflows with annual
uplifts.
Automotive
portfolio
The Company has acquired an operational
portfolio comprising 7.3MW of solar PV systems situated on two
commercial sites in the UK which benefit from corporate offtake
arrangements with fixed uplifts. The first is a 4.6MW rooftop
system with a 17-year unexpired agreement with Unipres (UK)
Limited, a major manufacturer of pressed automobile parts. The
second is a 2.7MW carport system with a 24-year unexpired PPA to a
major car manufacturer.
Tesco Stores
Limited
The Company also announces reaching financial
close on three Tesco stores as part of the Company's framework
agreement. These sites total 2.2MW of rooftop solar capacity and
are all commercialised under 20-year PPAs with fixed annual
uplifts. Installation commenced on the sites in April with
commercial operations expected in July.
The acquisitions have been funded through the
accordion facility as part of the Company's existing RCF. The 9.5MW
of solar PV systems are expected to save 1,700 tonnes of
CO2e a year and power an equivalent of 2,800 UK homes
per annum.
Gurpreet Gujral, Managing Director of Atrato Partners, the
Investment Adviser to the Company said:
"We are pleased to have further developed our
framework agreement with Tesco and now have 22 stores either
energised or under solar installation with a further 66 stores as
future pipeline within the framework agreement.
The addition of these two automotive customers,
alongside our existing strategic relationship with Nissan increases
ROOF's presence in the automotive sector. This portfolio includes
ROOF's first carport system, which is an important milestone for
the Company as customer demand for onsite solar capacity is
increasing beyond rooftop solar."
Juliet Davenport OBE, Chair of Atrato Onsite Energy
said:
"I am delighted we have reached financial close
on an additional 9.5MW of solar capacity, which has increased the
portfolio to 191MW. This reaffirms the Company's position as the
leading C&I solar platform in the UK and furthers our aim of
generating sustainable shareholder returns and contributing to a
net zero future."
ENQUIRIES
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Atrato
Partners
Gurpreet Gujral
Christopher Fearon
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+44 (0)77 959 75560
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Stifel
Nicolaus Europe Limited
Mark Young
Rajpal Padam
Madison Kominski
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+44 (0)20 7710 7600
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Greenhouse
Communications
Jessie Wilson
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atrato@greenhouse.agency
+44 (0) 7763 540 629
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Notes to
Editors
Atrato Onsite Energy plc (LSE: ROOF) is an
investment company specialising in clean energy generation with
100% carbon traceability. The Company focuses on UK solar, helping
its clients achieve net zero and reduce their energy
bills.
The Company aims to provide investors with
attractive capital growth and long dated, index-linked income,
targeting an annualised dividend of 5.5 pence per share for FY2024
and an annual NAV total 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.atratorenewables.com.
The Company's LEI is
213800IE1PPREDIIZB62.
(1) There is no certainty that
these targets will be achieved.