Atrato Onsite Energy PLC Acquisition of 50MW North Yorkshire solar project (1858W)
14 April 2023 - 4:00PM
UK Regulatory
TIDMROOF
RNS Number : 1858W
Atrato Onsite Energy PLC
14 April 2023
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 GBP38m
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 CO(2e) 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
Atrato Partners
Gurpreet Gujral
Christopher Fearon +44 (0)77 959 75560
Berenberg
Gillian Martin
Ben Wright
Dan Gee-Summons +44 (0)20 3207 7800
Kaso Legg Communications atrato@kl-communications.com
Charles Gorman +44 (0)20 3995 6673
Millie Steyn +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 GBP150 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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END
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