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Atrato Onsite Energy plc announced on 04 June 2024 the acquisition of a fully operational portfolio of three solar PV systems for a total consideration of £9.3 million. The acquired portfolio has a total capacity of 13MW with a 10-year average remaining contracted term. This acquisition was financed by utilising available headroom in the Company's Revolving Credit Facility, which was increased to £40 million in March 2024.
| Date | 4 Jun 2024 |
| Time | 07:00:08 |
| Category | Acquisitions and alliances |
| ID | 9452Q |
4 June 2024
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 CO2 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 CO2 savings".
ENQUIRIES
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Atrato Partners Gurpreet Gujral Christopher Fearon
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+44 (0)77 959 75560
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Stifel Nicolaus Europe Limited Mark Young Rajpal Padam Madison Kominski
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+44 (0)20 7710 7600
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Greenhouse Communications Jessie Wilson
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atrato@greenhouse.agency +44 (0) 7763 540 629
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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.