REG - Atrato Onsite Energy - Acquisition of 50MW North Yorkshire solar project

Atrato Onsite EnergyAnnouncement

14/04/2023 07:00

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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 £38m 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           +44 (0)77 959 75560

 Gurpreet Gujral

 Christopher Fearon

 Berenberg                 +44 (0)20 3207 7800

 Gillian Martin

 Ben Wright

 Dan Gee-Summons

 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 £150 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
(http://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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