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.”