Atrato Onsite Energy, a renewable energy investment firm, announced the acquisition of a 13 MW solar portfolio for £9.3 million (~$11.86 million) in the U.K. The portfolio comprises three fully operational solar projects with a 10-year average remaining contracted term.
The projects were financed by utilizing available headroom in the Revolving Credit Facility (“RCF”), which was increased to £40 million (~$51.03 million) in March 2024 by accessing £10 million (~$12.75 million) of the accordion facility.
The portfolio includes a 7.7 MW solar PV system situated on residential rooftops, a 3.7 MW subsidy-free ground-mounted project that is commercialized under a utility PPA, and a 1.7 MW ground-mounted project accredited under the government’s Renewable Obligation Certificate (“ROC”) regime with a 13-year unexpired term.
The 7.7 MW rooftop solar PV system is owned by three different U.K. housing associations across the U.K., which benefit from payments pursuant to the government’s feed-in-tariff (“FIT”) scheme, with a remaining term of 11 years and 100% uncapped RPI linkage.
Gurpreet Gujral, Managing Director of Atrato Partners, the Investment Adviser to the company, said, “We are delighted to have acquired this significant and diversified portfolio of solar assets which is highly complementary to our existing rooftop and ground mount portfolio and providing immediate, long-term, highly contracted cash flows underpinned by government backed income and uncapped RPI linkage.”
The portfolio is expected to generate about 10 GWh of clean electricity per year, which is equivalent to powering 3,800 UK households annually, avoiding 2,200 tonnes of carbon dioxide emissions per annum.
According to Mercom’s Q1 2024 Solar Funding and M&A Report, almost 10.8 GW of solar projects were acquired in Q1 2024 compared to 11.9 GW in Q1 2023. In a QoQ comparison, 13.7 GW of solar projects were acquired in Q4 2023.
Ferrovial, a sustainable infrastructure builder and operator, announced the acquisition of a 257 MW solar project in Lean County, Texas, U.S.
