TIDMROOF
RNS Number : 1603R
Atrato Onsite Energy PLC
25 October 2023
25 October 2023
LEI: 213800IE1PPREDIIZB62
Atrato Onsite Energy plc
(the "Company")
COMPANY UPDATE
Atrato Onsite Energy plc (LSE: ROOF), the investment company
focusing on clean energy generation, today announces a number of
portfolio and business updates.
Completion of acquisition
The Company is pleased to confirm that the acquisition of the
fully operational, 34MW rooftop solar portfolio (the "ASG
Portfolio"), previously announced on 13 September 2023, has now
completed.
-- The ASG Portfolio, with a total value of GBP77.3 million,
benefits from payments pursuant to the government's feed-in-tariff
("FIT") scheme, which provides the Company with highly attractive
revenue streams underpinned by government-backed income with annual
uncapped RPI uplifts
-- The projected return profile will make it the highest
yielding project in the Company's portfolio
Portfolio update
In the period from 1 April 2023 to date, the Company has
invested GBP121 million(1) , which will increase the Company's
solar PV capacity by 91MW.
The portfolio now comprises:
-- 182MW of solar PV capacity, of which 64%(2) are operational
assets and 36% are installation assets. Full energisation of the
installation assets is expected by March 2024
-- 94% of revenue contracted under PPA or subsidy and 93%
subject to annual inflation or fixed uplifts; 48% of revenue
benefits from uncapped RPI or CPI uplifts
-- Once fully operational, the 12-month forward looking dividend
cover is expected to be in excess of 1.3x(3)
-- Once fully operational, the portfolio is expected to generate
c. 173GWh of clean energy annually, providing 37,000 tonnes of CO2
emissions savings, equivalent to powering 64,000 homes or planting
1,500,000 new trees
Installation asset update
We are pleased to announce that:
-- Our 20MW Nissan project was energised in early October and is now fully operational
-- Our Thetford project with Tesco (0.4MW) was energised in the
first week of October, representing the Company's first rooftop
solar project under the Tesco framework agreement
-- London Road solar farm (28MW) is nearing completion, with
energisation expected in Q4 2023, in-line with expectations
-- Mobilisation commenced at Skeeby solar farm (55MW) in
mid-August. Installation continues in-line with the project
timeline, with energisation scheduled for the end of March 2024
A full breakdown of the portfolio is detailed in the table
below.
Financing and pipeline update
T he Company's GBP30.0 million Revolving Credit Facility ("RCF")
with NatWest Bank is now substantially committed. Together with the
GBP38.7 million of existing fixed rate project finance, acquired as
part of the ASG Portfolio acquisition, the Company's LTV is 33%(4)
.
The pipeline of acquisition opportunities has continued to grow
as a result of ongoing corporate demand for the Company's
sustainable energy solutions. The current pipeline comprises:
-- GBP410 million across 80 projects
-- Average unexpired PPA term of 15-20 years
-- 87% installation assets and 13% operational
Investment Policy
The Company has made two non-material amendments to its
Investment Policy. Full details are included at the end of this
announcement.
Gurpreet Gujral, Managing Director of Atrato Partners, the
Investment Adviser to the Company said:
"The Company has made good progress on its investment objectives
in 2023 to become one of the largest owners of C&I solar in the
UK. We look forward to providing a full update on the Company's
performance in the full year results for the year ended 30
September 2023 in January 2024."
Portfolio overview
Operational Portfolio
Offtaker Asset type Status Remaining Capacity
contract (MWp)(5)
(years)(5)
------------ -------------- ------------ ----------
Amazon Rooftop Operational 18 12
------------ -------------- ------------ ----------
Anglian Water Ground Operational 22 14
------------ -------------- ------------ ----------
Gardner Group Rooftop Operational 24 1
------------ -------------- ------------ ----------
Marks & Spencer Rooftop Operational 12 6
------------ -------------- ------------ ----------
Nissan Ground Operational 20 20
------------ -------------- ------------ ----------
Recipharm Rooftop Operational 25 1
------------ -------------- ------------ ----------
ASG Portfolio Rooftop Operational 12 34
------------ -------------- ------------ ----------
Tesco Rooftop Operational 18 7
------------ -------------- ------------ ----------
Sub-total 14 years(6) 96MWp
------------ -------------- ------------ ----------
Installation Portfolio
Energisation
expected
Britvic (London Road) Ground CY Q4 23 10 28
------------ -------------- ------------ ----------
Energisation
expected
OVO Energy (Skeeby) Ground CY Q1 24 3 55
------------ -------------- ------------ ----------
Energisation
expected
Huntapac Rooftop CY Q4 23 15 1
------------ -------------- ------------ ----------
Total 11 years(6) 182MWp
------------ ----------
For further information, please contact:
Atrato Partners
Gurpreet Gujral
Christopher Fearon +44 (0)77 959 75560
Berenberg
Gillian Martin
Ben Wright
Dan Gee-Summons +44 (0)20 3207 7800
Kaso Legg Communications atrato@kl-communications.com
Charles Gorman +44 (0)20 3995 6673
Charlotte Francis
Notes to Editors
Atrato Onsite Energy plc (LSE: ROOF) is an investment company
specialising in clean energy generation with 100% carbon
traceability. The Company focuses on UK solar, helping its clients
achieve net zero and reduce their energy bills.
The Company aims to provide investors with attractive capital
growth and long dated, index-linked income, targeting a 5% dividend
yield and a NAV total return of 8 - 10%(7) . 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] Gross value including GBP38.7 million existing project
finance in the Sol Portfolio
(2) Weighted on invested capital (including any existing project
finance debt)
3 12-month forward looking dividend cover. Dividend cover
calculation inclusive of debt interest and repayment, as well as
fund costs
(4) Based on portfolio valuation as at 31 March 2023 and
includes new acquisitions and capital expenditure at cost
(5) Figures have been rounded
(6) Weighted average unexpired contracted revenue stream;
weighted on invested capital (including any existing project
finance debt)
(7) There is no certainty that these targets will be
achieved
Revised Investment Policy
Investment Policy
Atrato Onsite Energy Plc (the Company ) will seek to achieve its
investment objective by investing in behind-the-meter (private wire
network) solar photovoltaic generation systems and associated
infrastructure (Onsite Solar Assets) (for example, solar
photovoltaic generation systems located on rooftops). Each such
system will be commercialised through one or more power purchase
agreements (PPAs) and/or other revenue agreements associated with
the system with a Contract Counterparty connected in relation to
the Onsite Solar Asset via a private wire network . Any surplus
electricity production will typically be sold by the Company to the
public power grid. The Company may also make investments in solar
photovoltaic generation systems and associated infrastructure which
are not located on the site of a Contract Counterparty or connected
to a Contract Counterparty via a private wire network, provided
that such systems are commercialised through arrangements which, in
respect of initial contract length and unit price certainty, are
materially similar to those PPAs through which an Onsite Solar
Asset may be commercialised (Long-Term Grid Assets).
The Company may also make investments in Other Clean Energy
Technologies up to a maximum of 30 per cent. of the Company's Gross
Asset Value (calculated at the time of investment).
Origination of new asset opportunities will be a key component
of the Company's investment strategy. The Company therefore intends
as part of its strategy alongside the holding of Operational Assets
to pursue investment opportunities in Installation Assets and some
Pre-Installation Assets. It is anticipated that the installation
phase of an Onsite Solar Asset's lifecycle will generally be a
period of less than 4 months such that there is expected to be a
high turnover of such Installation Assets that will become
Operational Assets to be held by the Company. As the Company's
portfolio grows it is expected that the majority of the Company's
underlying investments will be represented by Operational Assets,
notwithstanding that additional Installation Assets and
Pre-Installation Assets may be acquired.
For the purposes of the Company's investment policy:
Clean Energy Assets means Onsite Solar Assets, Long-Term Grid
Assets and other assets which qualify as Other Clean Energy
Technologies;
Contract Counterparty means the entity which is primarily
responsible for paying for the use and benefit payment of the main
revenue derived from the relevant PPAs associated with Clean Energy
Asset Assets . Contract Counterparties will be non-domestic
entities for example occupiers of industrial and commercial
properties;
Installation Assets means Clean Energy Assets which have in
place the required suite of material agreements to carry out the
asset installation, including, as applicable, the property rights,
permissions and revenue arrangements, but which have not yet become
Operational Assets;
Other Clean Energy Technologies means infrastructure assets
which facilitate the reduction of greenhouse gas emissions and
which typically derive the majority of their revenues through
agreements with non-domestic customers. Examples include but are
not limited to electric vehicle charging infrastructure, onsite
energy storage and any energy generation asset (whether or not
connected to a public power grid) other than an Onsite Solar Asset
or Long-Term Grid Asset which does not emit carbon dioxide to the
atmosphere at the point of generation but excluding nuclear
energy;
Operational Assets means Clean Energy Assets which have been
installed, commissioned and which are capable of generating
revenues ;
PPA means any power purchase agreement and/or any revenue
agreement associated with the Clean Energy Asset between two or
more parties whether or not such agreements are actually described
on their face as a 'power purchase agreement', 'PPA' or by some
other name, description or title ; and
Pre-Installation Assets means Clean Energy Assets which have not
yet been sufficiently progressed to be regarded as an Installation
Asset.
The Company will invest in Clean Energy Assets predominantly
located in the UK and the Republic of Ireland. Subject to the
investment restrictions set out below, the Company may also make
investments in Clean Energy Assets located in other OECD
countries.
Assets may be held in special purpose vehicles (SPVs) into which
the Company will invest via equity and/or shareholder loans.
The Company will typically seek sole ownership of such SPVs but
may acquire a mix of controlling and non-controlling interests in
Clean Energy Assets and may use a range of instruments in pursuit
of its investment objective, including but not limited to equity,
mezzanine or debt instruments.
In circumstances where the Company does not hold a controlling
interest in the relevant investments, the Company will seek to
secure its rights through contractual and other arrangements to,
inter alia, ensure that the Clean Energy Asset is operated and
managed in a manner that is consistent with the Company's
investment policy and that the Company has appropriate access to
information rights to enable it to comply with its continuing
obligations under the Listing Rules, the Disclosure Guidance and
Transparency Rules and UK MAR.
The Company may also agree to forward fund by way of secured
loans the pre-installation and/or installation costs of Clean
Energy Assets where it retains the right (but not the obligation)
to acquire the relevant plant once operational. Such forward
funding shall be subject to the investment restrictions below and
will only be undertaken where supported by appropriate security
(which may include financial instruments as well as asset-backed
guarantees). Forward funding of any Pre-Installation Assets shall
count towards the limit on investment in Pre-Installation
Assets.
Whilst the Company does not typically expect to provide forward
funding, the right to do so, subject to the above limitations,
enables the Company to retain flexibility in the event of changes
in the asset pipeline over time.
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END
PFUFLFLRIRLSFIV
(END) Dow Jones Newswires
October 25, 2023 02:00 ET (06:00 GMT)
Atrato Onsite Energy (LSE:ROOF)
過去 株価チャート
から 4 2024 まで 5 2024
Atrato Onsite Energy (LSE:ROOF)
過去 株価チャート
から 5 2023 まで 5 2024