14th Apr 2023 10:26
(Alliance News) - Atrato Onsite Energy PLC on Friday announced it has acquired a ready-to-build 50 megawatt solar project in Richmond, England.
The clean energy-focused investor said it will invest a total of GBP38 million over a 12-month period to acquire and construct the project.
The London-based firm is aiming to energise the project in the second quarter of 2024. Once energised, the project is expected to save 11,475 tonnes of carbon dioxide a year and power an equivalent of 17,120 UK homes per year.
The project will be constructed under a fully wrapped engineering, procurement, and construction contract. Harmony Energy Ltd, one of the sellers of the project, will continue to support the company with the delivery of the project.
"We are pleased to announce this acquisition which is our largest solar energy project to date. At IPO we stated our intention to build a diversified portfolio of behind-the-meter and front-of-the-meter solar assets whilst maintaining one of the lowest sensitivities to power prices in the sector. This brings us a significant step closer in delivering on our strategy," said Gurpreet Gujral, managaging director of the company's investment advisor, Atrato Partners.
Shares in Atrato Onsite Energy were down 0.1% at 86.90 pence on Friday morning in London.
By Heather Rydings, Alliance News senior economics reporter
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