Investment Update and New Framework Agreement

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 Gurpreet Gujral Francisca Wiggins Christopher Fearon	[phone]
Alvarium Securities Mark Thompson Eddie Nissen Oliver Kenyon	[phone] [phone] [phone]
Berenberg Gillian Martin Ben Wright Dan Gee-Summons	[phone]
Kaso Legg Communications Charles Gorman Millie Steyn	[e-mail] [phone] [phone]

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 .

(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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