QuotedData’s morning briefing 13 May 2024 – ROOF, GRID, JZCP, FSFL

In QuotedData’s morning briefing 13 May 2024:

• Atrato Onsite Energy (ROOF) has announced that it has made two solar investments, totalling £6.4m. It acquired a portfolio comprising 7.3MW of solar PV systems situated on two commercial sites in the UK which benefit from corporate offtake arrangements with fixed uplifts. Both are located on automotive manufacturing sites. The second acquisition is a portfolio of rooftop solar sites on three Tesco stores, totalling 2.2MW and are all commercialised under 20-year PPAs with fixed annual uplifts.
• Gresham House Energy Storage Fund (GRID) has announced that it has energised its Penwortham project, a 50MWh site just southwest of Preston, Lancashire. GRID plans to double Penwortham’s capacity to 100MWh, and expects it to be completed during the summer.
• JZ Capital Partners (JZCP) has provided an update on its Flex-Pack proposal, having entered into an agreement with the Secondary Fund to give effect to the proposal. JZCP will invest up to US$20.5m into the secondary fund, with the secondary fund to use such amount, together with additional amounts invested by other investors in the Secondary Fund, to make an investment into RC Acquisition (the follow on ‘Flex-Pack’, existing alongside a similar company JZCP has invested with), a newly incorporated company. The first acquisition made by RC Acquisition is Robinette Company, a full-service paper and film packaging manufacturer, with the fund investing $12.2m as part of the deal (alongside other investors). JZCP also expects that the previously announced $40m return-of-capital to its shareholders is expected to take place by the end of July 2024, though more details will follow.
• Foresight Solar Fund (FSFL) as agreed a framework with Chelion Iberia, a battery engineering, financing and integration firm, to progress development-stage battery energy storage projects in Spain. The agreement increases the company’s proprietary pipeline whilst requiring no upfront investment and only modest development capital to take opportunities to ready-to-build status over the coming years.