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Quoted Data morning briefing 16 February 2023

221116 ROOF

In QuotedData’s morning briefing 16 February 2023:

  • Atrato Onsite Energy (ROOF) has announced the signing of a new power purchase agreement (PPA) with Tesco for a 370kWp new rooftop solar project on a supermarket site in Thetford, Norwich which will commence in Q2 2023. This will represent the first installation between the company and Supermarket Income REIT which was announced at the time of the company’s IPO. Following this installation, ROOF will have 19 operating rooftop solar PV systems on Tesco supermarket sites across the UK. The company was also selected for a broader solar PV PPA with Tesco under the next phase of its solar PV rollout across its supermarkets and distribution centre which is expected 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. [The remarkable thing about this is that it is only the first transaction that Atrato has done with a supermarket owned by its sister fund, Supermarket Income REIT. If this opens the floodgates, Atrato Onsite may soon be hoping to raise more money.]
  • A story in the FT yesterday (link here) caught our attention because it was talking about a tax on aquaculture (fish farming) in Norway. JLEN Environmental is invested in a fish farm under construction in the country. We checked with the adviser, JLEN’s plant is exempt from the tax because it is being built on land in a controlled environment. The tax is designed to compensate the country for the fjord-based farms use of natural resources. This gives the JLEN plant an advantage, which we suppose could make it relatively more valuable.
  • Civitas Social Housing (CSH) has closed a new five year term debt facility of £70.875m with a leading major European bank lender. The Facility has been deployed in full to redeem the company’s existing facility with Lloyds Bank of £60m as well as providing additional liquidity. The drawdown of the facility will increase the company’s LTV to 35.3% (based on 31 December 2022 gross portfolio valuation).

We also have stories on Riverstone Credit and Herald Investment Trust who both announced annual results and the possible sale of embattled Home REIT.

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