Portfolio update: 10MW investment

We are pleased to announce two solar investments for a combined consideration of £6.4m, continuing our automotive and grocery partnerships. The investments comprise 9.5MW of solar capacity and are expected to deliver long dated, highly visible, contracted cashflows with annual uplifts.

We have acquired an operational portfolio comprising two commercial solar PV systems. The first is a 4.6MW rooftop system with a 17-year unexpired PPA to UNIPRES (UK) LIMITED, a major manufacturer of pressed automobile parts. The second is a 2.7MW carport system with a 24-year unexpired PPA to a major car manufacturer.

We have also reached financial close on three new Tesco stores as part of our existing framework agreement with the leading UK grocer. These sites total 2.2MW of rooftop solar capacity and are all commercialised under 20-year PPAs. Installation has commenced on the sites and commercial operations are expected in July.

The 10MW of solar PV systems are expected to save 1,700 tonnes of CO2e a year and power an equivalent of 2,800 UK homes per annum.

Gurpreet Gujral, Managing Director at Atrato Group, the Investment Adviser to the Company said:

“We are pleased to have further developed our framework agreement with Tesco and now have 22 stores either energised or under solar installation with a further 66 stores as future pipeline within the framework agreement.”

The addition of these automotive customers, alongside our existing strategic relationship with Nissan increases ROOF’s presence in the automotive sector. This portfolio includes ROOF’s first carport system, which is an important milestone for the Company as customer demand for onsite solar capacity is increasing beyond the rooftop.”

Juliet Davenport, Chair of Atrato Onsite Energy said:

“I am delighted that the team have reached financial close on an additional 10MW of solar capacity, which has increased the portfolio to 192MW. This reaffirms the Company’s position as the leading C&I solar platform in the UK and furthers our ambition of generating sustainable returns and contributing to a net zero future.”

Rooftop solar acquisition

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Investment Adviser
Atrato Partners Limited
3rd floor, 10 Bishops Square,
London, E1 6EG
+44 (0)20 3880 9800
contact@atratopartners.com

Atrato Onsite Energy is the trading name of Atrato Onsite Energy plc

+44 (0)20 3880 9800
contact@atratopartners.com
Investment Adviser
Atrato Partners Limited
3rd Floor, 10 Bishops Square,
London E1 6EG

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Thursday 6th February 2025

Atrato Onsite Energy plc

(in Members’ Voluntary Liquidation)

(“the Company”)

 

Notice to Shareholders

Further to the appointment of Richard Barker and Derek Hyslop as Joint Liquidators of the Company on 13 December 2024 and in accordance with the circular issued to shareholders on 27 November 2024 (“the Circular”).

 

The Joint Liquidators confirm that a First Distribution at a rate of £0.775 per Ordinary Share will be paid on 6 February 2025. Shareholders will receive their distribution by CREST or cheque and those cheques will be issued by the Company’s Registrar (Link Asset Services) to the address on the share register as at the Record Date.

Please note that this distribution could have tax consequences which may need to be reflected in your tax return.  If a Shareholder is in any doubt as to their individual tax position, it is recommended that they seek advice from an independent professional advisor.

A second and final distribution is expected to be paid to shareholders prior to the conclusion of the liquidation. Once the Liquidators have concluded the Company’s residual affairs, which includes novation of parental guarantees provided by the Company in relation to its former subsidiary investments, the tax affairs of the Company, satisfaction of claims of creditors of the Company and paid the costs and expenses of the liquidation, it is expected the Liquidators will make a final distribution to Shareholders of the residual cash in the liquidation estate. The final distribution, if any, will be paid at a time to be determined by the Liquidators but is envisaged to be in the region of nine months after the commencement of the liquidation.

A further update will be provided on the website once the timing of the final distribution is known.  In the meantime, if shareholders have any questions in relation to the liquidation they should contact the Liquidators.

Following the commencement of the members’ voluntary liquidation, shareholders are no longer able to trade in the Company’s shares on the London Stock Exchange. The Company will not publish any further regulatory information service announcements and will not produce further financial statements (other than those prepared by the Joint Liquidators and communicated to shareholders under the relevant provisions of the Insolvency Act 1986).

Jay Bhatt

jay.bhatt2@uk.ey.com

+44 20 7951 5251

Shareholders with questions, including regarding the receipt of their entitlements in respect of the first distributions, should contact the Company’s Registrar, MUFG Corporate markets, using the details below.

shareholderenquiries@cm.mpms.mufg.com

0371 664 0300

Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. The MUFG Corporate markets helpline is open between 9 am – 5.30 pm, Monday to Friday excluding public holidays in England and Wales.  Please note that MUFG Corporate Markets cannot provide any financial, legal or tax advice and calls may be recorded and monitored for security and training purposes

 

Friday 31st January 2025

Atrato Onsite Energy plc

(in Members’ Voluntary Liquidation)

(“the Company”)

Notice to Shareholders

Further to the approval of a special resolutions by a general meeting of the Company held on 13 December 2024, the Company was placed into Members’ Voluntary Liquidation, and Richard Barker and Derek Hyslop of Ernst & Young LLP were appointed as Joint Liquidators.

As stated in the circular issued to shareholders on 27 November 2024, it is anticipated that the Liquidators will be in a position to make an initial distribution of substantially all of the net assets of the Company in early February 2025 (the “Initial Distribution”). This timeline is to allow (a) the Liquidators to comply with their obligation to give all actual and/or contingent creditors of the Company notice of the liquidation and the requirement to submit claims to the Liquidators by a last proving date, which must be a minimum period of 21 days from the date of the notice; and (b) the Liquidators to adjudicate and pay (if accepted) and/or reserve sufficient funds to pay any claims received. It is estimated that the value of the Initial Distribution will be no less than 77.0  pence per Ordinary Share.

The Liquidators will retain the balance of funds in the liquidation estate and once the Liquidators have satisfied all the claims of creditors of the Company and paid the costs and expenses of the liquidation, and the Company’s tax affairs have been finalised, it is expected the Liquidators will make a final distribution to Shareholders of any residual cash in the liquidation estate. The final distribution, if any, will be paid at a time to be determined solely by the Liquidators but is envisaged to be in the region of nine months after the entry into members’ voluntary liquidation.

All Shareholders on the Register of Members as at 6.00 p.m. on 12 December 2024, being the Record Date, will be entitled to any distributions made during the course of the liquidation.

Following the commencement of the members’ voluntary liquidation, shareholders are no longer able to trade in the Company’s shares on the London Stock Exchange. The Company will not publish any further regulatory information service announcements and will not produce further financial statements (other than those prepared by the Joint Liquidators and communicated to shareholders under the relevant provisions of the Insolvency Act 1986).

A further update will be provided on the website at the time of the first distribution to shareholders.  In the meantime, if shareholders have any questions in relation to the liquidation they should contact the Liquidators.

Jay Bhatt

jay.bhatt2@uk.ey.com