REG - Atrato Onsite Energy - Vale of Mowbray Uodate

Atrato Onsite EnergyAnnouncement

06/10/2022 07:30

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RNS Number : 0031C  Atrato Onsite Energy PLC  06 October 2022

6 October 2022

LEI: 213800IE1PPREDIIZB62

Atrato Onsite Energy plc

(the "Company" or "ROOF")

Vale of Mowbray Update

 

Atrato Onsite Energy plc (LSE: ROOF), the renewables investment trust focusing
on UK commercial onsite energy, today provides an update on the Vale of
Mowbray power purchase agreement ("PPA").

The Company has a PPA with Vale of Mowbray Limited ("Vale of Mowbray") under
which the Company supplies behind-the-meter green energy generated through its
rooftop solar installation. This asset is the smallest project in the
Company's portfolio and represents less than 0.6% of the Company's NAV.

Vale of Mowbray has entered into administration. The Company has confirmed
with the administrators that it will continue to sell energy to the site
during the administration process, with any excess sold to the grid under an
existing spill PPA at a premium of 84% above the Vale of Mowbray's contractual
PPA price. If the site is vacated, all energy generated by the Company's solar
installation will be sold to the grid under the higher spill PPA price.

The Company does not expect any material adverse consequences because of this
administration, illustrating the value of the credit protections that the
Company typically benefits from in its contracts.

 

ENQUIRIES

Atrato Partners
Limited                                +44
(0)20 3790 8087

Gurpreet Gujral

Francisca Wiggins

Carcie Rogers

 

Alvarium Securities Limited

Mark Thompson                               +44
(0)20 7016 6711

Eddie
Nissen
+44 (0)20 7016 6713

Oliver
Kenyon                                   +44
(0)20 7016 6704

 

Kaso Legg Communications        atrato@kl-communications.com
(mailto: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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