REG - Atrato Onsite Energy - Investment Update and New Framework Agreement

Atrato Onsite EnergyAnnouncement

16/02/2023 07:00

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RNS Number : 0780Q  Atrato Onsite Energy PLC  16 February 2023

16 February 2023

LEI: 213800IE1PPREDIIZB62

 

Atrato Onsite Energy plc
(the "Company" or "ROOF")

 

Investment Update and New Framework Agreement

 

Atrato Onsite Energy plc (LSE: ROOF), the renewables investment trust focusing
on clean energy generation, today announces that it has signed a new power
purchase agreement (PPA) with Tesco and has also been selected for a broader
solar PV PPA framework between the Company and Tesco.

 

New Tesco PPA

The Company has entered into a 20-year PPA with Tesco for a 370kWp new rooftop
solar project on a supermarket site in Thetford, Norwich. The installation is
due to commence in Q2 2023.

This will represent the first installation under the heads of terms agreement
between the boards of the Company and Supermarket Income REIT PLC which was
announced at the time of the Company's IPO. Following this installation, the
Company will have 19 operating rooftop solar PV systems on Tesco supermarket
sites across the UK.

 

New Tesco framework agreement

The Company is pleased to announce it has also been selected as a PPA provider
to Tesco under the next phase of its solar PV roll out across its supermarkets
and distribution centres. The Company initially expects to deliver solar PV
projects at up to 20 sites as the first step under this new framework. Taking
into account this new Tesco framework agreement, the Company now has a total
pipeline of 69 Tesco solar development projects.

 

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

"This framework agreement unlocks the development of new solar power at one of
Britain's biggest consumer businesses, supplying it with low cost, traceable
clean energy.

We are delighted to be partnering with Tesco to deliver the next phase of its
solar ambitions."

 

ENQUIRIES

 

 Atrato Partners           +44 (0)77 959 75560

 Gurpreet Gujral

 Francisca Wiggins

 Christopher Fearon

 Alvarium Securities       +44 (0)20 7016 6711

 Mark Thompson             +44 (0)20 7016 6713

 Eddie Nissen              +44 (0)20 7016 6704

 Oliver Kenyon

 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 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. 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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