Iconic brands – from Robinsons to Tango – to be powered by renewables as Britvic signs innovative PPA

Iconic brands – from Robinsons to Tango – to be powered by renewables as Britvic signs innovative solar power agreement with Atrato Onsite Energy

Britvic, the FTSE 250 global soft drinks business, has partnered with Atrato Onsite Energy (Atrato), a leading solar energy provider, to deliver clean energy to Britvic via an innovative 10-year Power Purchase Agreement (PPA), develop by Squeaky, the UKs leading PPA marketplace.

Atrato’s new solar installation in Northamptonshire will generate energy exclusively for Britvic. It will have a total capacity of 28MW and will be capable of generating 33.3 GWh pa of clean energy, the equivalent of powering 11,500 homes or planting 260,000 trees. The electricity generated will be enough to power 75% of Britvic’s current operations in Great Britain, including its Beckton and Leeds factories, which can produce 2,000 recyclable bottles per minute for a portfolio of iconic brands including Tango, Pepsi and Robinsons.

As part of Britvic’s Healthier People, Healthier Planet sustainability mission to make a positive contribution to society, they are tackling their carbon footprint head on. Through innovation, utilising low carbon technology and energy sources, and establishing a more sustainable supply chain, Britvic is determined to play its part in securing a healthier future for the planet.

Britvic has committed to achieving net zero carbon emissions by 2050 and has led the industry as the first UK soft drinks company to have a 1.5°C target verified by the Science Based Targets initiative. Britvic has demonstrated its commitment to this goal, having reduced its direct carbon emissions by 34% since 2017 and generated 57% of its energy needs from renewable sources in 2022, up from 28% in 20181.

Progress has been achieved through significant investments across Britvic’s manufacturing base. For example, Britvic has installed five biomass boilers in Brazil, delivered multiple energy saving projects, is investing £4 million in a heat recovery system at Beckton, and they’ve recently announced a new Corporate Power Purchase Agreement in Ireland that will ensure that Ballygowan, Ireland’s iconic water brand, is produced using 100% renewable electricity harnessed from local wind energy.

In this latest milestone, Britvic’s agreement with Atrato has provided the investment security needed to build the new solar farm in an old quarry in Northamptonshire. This will see 28MW of new additional renewable energy capacity created as a result of the deal.

Atrato will supply Britvic with solar electricity that is commercialised on a pay as you generate basis but is delivered on a baseload basis that is consistent to the consumption needs of the company. This innovative and long-term PPA has underwritten the Atrato’s investment into this solar project. This innovative PPA structure was developed by Squeaky Clean Energy, whose founders were early innovators of corporate PPAs in the UK in 2008. Legal advice was provided by Burges Salmon, who have supported Atrato on all its recent transactions in the renewable sector and are well known in the corporate PPA market.

Atrato has fully financed the solar installation, which is expected to be commissioned in early 2024. In only 19 months since IPO, Atrato has built a portfolio of 40 solar sites across the UK. Atrato is the green energy solution provider of choice for many UK companies with an impressive client list of blue-chip corporates including Tesco, Marks & Spencer, Anglian Water, Nissan and Amazon.

Matt Swindall, Chief Procurement Officer at Britvic says:

“This deal represents a significant milestone for Britvic as we continue to partner with home-grown renewable energy projects to power our business. The 10 year deal also establishes stability, enabling us to plan more efficiently over the coming years. In short, it’s great for our Healthier Planet sustainability ambitions, and great for the business.”

Matthew Philips, Britvic’s Senior Category Manager for utilities, led the project. He said:

“This is a ground-breaking achievement for Britvic, and I am extremely proud of everyone involved. Our Healthier People, Healthier Planet sustainability strategy is a critical commercial driver for us, and nothing demonstrates this more than our factories and warehouses being powered by clean, green, domestic renewable electricity to produce the iconic quality brands that consumers love.”

Gurpreet Gujral, Managing Director and Head of Renewable Energy at Atrato said:

“We are thrilled to enter into this new corporate PPA with Britvic. Our highly innovative PPA structure provides Britvic with a consistent source of renewable energy that matches their electricity needs. This project exemplifies our commitment to providing long term and attractively priced clean energy to our clients. Following an award-winning IPO, Atrato has become the ‘go to’ corporate clean energy provider.”

Chris Bowden, Managing Director of Squeaky Clean Energy said:

“Having pioneered the use of corporate PPAs in the UK it has become abundantly clear that new and innovative contracting structures are needed to accelerate the transition to clean energy. We are incredibly proud to have scored another first with a unique PPA arrangement that enables Atrato to derisk the financing of its project and Britvic to deliver on its Healthier People, Healthier Planet sustainability mission.”

Ross Fairley Head of Renewable Energy at Burges Salmon said:

“We are really pleased to have been asked by Atrato to advise on this corporate PPA. We have been involved in developing the different corporate PPA models from the early days and this is a further innovation which will help renewable generators and those corporates working towards Net Zero.”

ROOF Britvic

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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