REG - Atrato Onsite Energy - Acquisition of a 13mw Solar Portfolio

Atrato Onsite EnergyAnnouncement

04/06/2024 07:00

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RNS Number : 9452Q  Atrato Onsite Energy PLC  04 June 2024

4 June 2024

 

Atrato Onsite Energy plc
(the "Company")

 

ACQUISITION OF A 13MW SOLAR PORTFOLIO

 

Atrato Onsite Energy plc (LSE: ROOF), the investment company focusing on clean
energy generation, is pleased to announce the acquisition of a fully
operational portfolio of solar PV systems for a total consideration of £9.3m.

 

The portfolio includes three solar assets with a total capacity of 13MW with a
10-year average remaining contracted term and comprises:

 

·    7.7MW of solar PV systems situated on residential rooftops owned by
three different UK housing associations across the UK which benefit from
payments pursuant to the government's feed-in-tariff ("FIT") scheme, with a
remaining term of 11 years and 100% uncapped RPI linkage

 

·    A 3.7MW subsidy free ground mounted asset, commercialised under a
utility PPA

 

·    A 1.7MW ground mounted asset accredited under the government's
Renewable Obligation Certificate ("ROC") regime with a 13-year unexpired term

 

The Company and the Investment Adviser believe this portfolio to be a highly
attractive addition to the Company's existing portfolio of solar assets due to
its attractive return profile, with a substantial proportion of the revenue
stream underpinned by government backed income and 100% uncapped RPI inflation
linkage.

 

The portfolio was financed by utilising available headroom in the Revolving
Credit Facility ("RCF"), which was increased to £40 million in March 2024 by
accessing £10 million of the accordion facility.

 

The portfolio is expected to generate 10GWh of clean energy annually,
providing c. 2,200 tonnes CO(2) emissions saving per annum, equivalent to
powering c. 3,800 UK homes per annum.

 

Gurpreet Gujral, Managing Director of Atrato Partners, the Investment Adviser
to the Company said:

 

"We are delighted to have acquired this significant and diversified portfolio
of solar assets which is highly complementary to our existing rooftop and
ground mount portfolio and providing immediate, long-term, highly contracted
cash flows underpinned by government backed income and uncapped RPI linkage."
 

 

Juliet Davenport OBE, Chair of Atrato Onsite Energy said:

 

"I am pleased to announce this latest transaction. The portfolio is
immediately cash generative, supporting our objective of providing progressive
dividend income to our shareholders as well as providing significant future
CO(2) savings".

 

 

 

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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