Atrato Onsite Energy plc (LSE: ROOF), the renewables investment trust focusing on UK commercial onsite energy, has announced two deals that result in it investing more than £31m. They says that these are expected to deliver long dated, contracted cashflows with annual inflation or fixed uplifts in line with targeted returns.
Sonne Solar
The fund has bought 100% of the shares of Sonne Solar Ltd – a company that owns an operational portfolio and a development pipeline of behind-the-meter solar PV systems – from Cero Generation (an independent portfolio company of Macquarie’s Green Investment Group).
The operational portfolio consists of 33MW of installed capacity across 32 rooftop and ground mounted assets in the UK. The offtakers (buyers of the power produced) all have institutional grade credit profiles [which we take to mean fairly solid] and the project revenues benefit from annual inflation or fixed uplifts, with a remaining average maturity of 21 years for the power purchase agreements.
The development portfolio consists of a further 33 pipeline sites that are part of a framework agreement with a single FTSE100 business.
Recipharm
The other deal is a roughly 1MWp new rooftop solar project, benefitting from a 25-year power purchase agreement with a wholly owned subsidiary of Recipharm AB. The installation is expected to be commissioned before the end of 2022.
ROOF : Atrato Onsite Energy invests £31m