REG - Atrato Onsite Energy - Investment into 9.5mw Of Solar PV Systems

Atrato Onsite EnergyAnnouncement

13/05/2024 07:00

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RNS Number : 0658O  Atrato Onsite Energy PLC  13 May 2024

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 CO(2)e 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

 

  Atrato Partners                  +44 (0)77 959 75560

  Gurpreet Gujral

  Christopher Fearon

  Stifel Nicolaus Europe Limited   +44 (0)20 7710 7600

  Mark Young

  Rajpal Padam

  Madison Kominski

  Greenhouse Communications        atrato@greenhouse.agency

  Jessie Wilson                    +44 (0) 7763 540 629

 

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.

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