18th Jul 2022 11:50
(Alliance News) - Atrato Onsite Energy PLC on Monday said it has bought the developer of a 20MWp solar PV system for Japanese carmaker Nissan Motor Co in the UK.
The investor in onsite renewable energy assets started trading on London's Main Market in November last year, at a price of 100 pence per share. Shares are currently 5.7% ahead of the IPO price; trading 0.4% higher at 105.65 pence each in London on Monday morning.
Atrato said that it has bought developer Hylton Plantation Solar Farm Ltd for GBP10.6 million.
Under the acquisition, the investor said that it will take on the ownership of a behind-the-meter private wire solar installation project for Nissan in Sunderland. Using around 37,000 panels, the plant will generate electricity for the production base, with its entire output to be bought by Nissan under a 20-year power purchase agreement on a 100% take-or-pay basis.
Attrato added that the project is expected to deliver "highly visible, contracted cashflows with fixed uplifts", in line with its targeted return.
Managing Director of Atrato Partners, the company's investment adviser, Gurpreet Gujral said: "We are working closely with the UK automotive industry to deliver further green energy initiatives and to help them on their path to net zero. This is one of the largest private wire solar projects in the UK and is a great example of how major UK manufacturers can benefit from Atrato's low cost, traceable clean energy."
By Sophie Rose; [email protected]
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