Vale of Mowbray Uodate

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   [phone]

Gurpreet Gujral

Francisca Wiggins

Carcie Rogers

Alvarium Securities Limited

Mark Thompson   [phone]

Eddie Nissen   [phone]

Oliver Kenyon   [phone]

Kaso Legg Communications   [e-mail]

Charles Gorman                                 [phone]

Millie Steyn   [phone]

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.

 

END

 

 

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