Atrato Onsite Energy - Acquisition
18/07/2022 07:00
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RNS Number : 7289S Atrato Onsite Energy PLC 18 July 2022
18 July 2022
LEI: 213800IE1PPREDIIZB62
Atrato Onsite Energy plc
(the "Company" or "ROOF")
Acquisition Update
Atrato Onsite Energy plc (LSE: ROOF), the renewables investment trust focusing
on UK commercial onsite energy, today announces that it has acquired 100% of
the shares of Hylton Plantation Solar Farm Limited ("Hylton"), a company set
up to develop a 20MWp solar PV system for Nissan Motor Manufacturing UK
Limited ("Nissan").
The £10.6m transaction sees the Company take on the ownership of a
behind-the-meter private wire solar installation project for Nissan in
Sunderland. The Company will complete the installation of a 20MW ground
mounted system, using c. 37,000 panels, next to Nissan's manufacturing
facility. Nissan has entered into a 20 year Power Purchase Agreement (PPA) on
a 100% take-or-pay basis.
The project is expected to deliver highly visible, contracted cashflows with
fixed uplifts, in line with the Company's targeted return.
Gurpreet Gujral, Managing Director of Atrato Partners, the investment adviser
to the Company, said:
"I'm very pleased to announce this transaction, which brings a great
installation project into ROOF's portfolio.
We are working closely with the UK automotive industry to deliver further
green energy initiatives and to help them on their path to net zero.
This is one of the largest private wire solar projects in the UK and is a
great example of how major UK manufacturers can benefit from ROOF's low cost,
traceable clean energy."
ENQUIRIES
Atrato Partners +44 (0)20 3790 8087
Limited
Gurpreet Gujral
Francisca Wiggins
Carcie Rogers
Alvarium Securities Limited +44 (0)20 7016 6711
Mark +44 (0)20 7016 6713
Thompson
+44 (0)20 7016 6704
Eddie
Nissen
Oliver Kenyon
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
onsite clean energy generation, providing new renewable energy capacity with
100% carbon traceability to industrial and commercial counterparties. The
Company focuses on UK commercial rooftop and onsite solar, helping its
corporate clients achieve net zero and reduce their energy bills. It raised
£150 million in a significantly oversubscribed IPO in November 2021. ROOF
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 and target NAV total return set out above are targets
only and are not profit forecasts. There can be no assurance that these
targets can or will be met. These targets have 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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