Acquisition

RNS Number : 7289S

Atrato Onsite Energy PLC

18 July 2022

 

18 July 2022

LEI: 213800IE1PPREDIIZB62

Atrato Onsite Energy plc

(the "Company" or "ROOF")

Acquisition Update

Atrato Onsite Energy plc (LSE: ROOF), the renewables investment trust focusing on UK commercial onsite energy, today announces that it has acquired 100% of the shares of Hylton Plantation Solar Farm Limited ("Hylton"), a company set up to develop a 20MWp solar PV system for Nissan Motor Manufacturing UK Limited ("Nissan").

The £10.6m transaction sees the Company take on the ownership of a behind-the-meter private wire solar installation project for Nissan in Sunderland. The Company will complete the installation of a 20MW ground mounted system, using c. 37,000 panels, next to Nissan's manufacturing facility. Nissan has entered into a 20 year Power Purchase Agreement (PPA) on a 100% take-or-pay basis.

The project is expected to deliver highly visible, contracted cashflows with fixed uplifts, in line with the Company's targeted return.

Gurpreet Gujral, Managing Director of Atrato Partners, the investment adviser to the Company, said:

"I'm very pleased to announce this transaction, which brings a great installation project into ROOF's portfolio.

We are working closely with the UK automotive industry to deliver further green energy initiatives and to help them on their path to net zero.

This is one of the largest private wire solar projects in the UK and is a great example of how major UK manufacturers can benefit from ROOF's low cost, traceable clean energy."

ENQUIRIES

Atrato Partners Limited   Gurpreet Gujral Francisca Wiggins Carcie Rogers	[phone]
Alvarium Securities Limited Mark Thompson  Eddie Nissen  Oliver Kenyon	[phone] [phone] [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 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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