LONDON: The Board of Atrato Onsite Energy has entered into a conditional agreement for the sale of the entirety of its portfolio of solar assets to a joint venture vehicle owned by Brookfield and RAIM Apollo at a headline price of £218.7 million.
Juliet Davenport, Chair of the Company, commented: “The Board was very pleased with the interest shown in the Company. After a detailed analysis, the Board determined that a sale of the Portfolio to the Consortium was the best means of maximising Shareholder value against a backdrop of persistently wide share price discounts in the investment trust sector, the subscale nature of the Company and consistent Shareholder feedback to sell the Portfolio.
Therefore, the Board unanimously considers the Proposals to be in the best interests of the Company and its Shareholders as a whole and unanimously recommends that Shareholders vote in favour of the change of investment objective and policy resolution at the General Meeting.”
Steve Windsor, Investment Adviser of the Company, commented: “We are pleased to be able to deliver a liquidity event for Shareholders as well as the opportunity for the ROOF team to benefit from the backing of one of the largest global infrastructure investors. While it is disappointing that the team will be leaving Atrato after four years, we wish them all the best as they continue to grow one of the UK’s leading C&I solar businesses.”
Gurpreet Gujral, Investment Adviser of the Company, commented: “I would like to express my gratitude for the support shown by our Shareholders since IPO. Your belief in our vision of delivering clean and economic energy directly to our C&I customers has been instrumental in making the Company the success it is today. I look forward to continuing the journey with all our valued customers – both present and future.”