LONDON: Atrato Onsite Energy plc (LSE: ROOF), the investment company focusing on clean energy generation, announced 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.”
liet 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.”
Atrato Onsite Energy plc to acquire £77.3m rooftop solar portfolio in the UK
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