Atrato buys owner of 33-MW solar portfolio from GIG's Cero Generation

UK solar park. Author: Robert Pittman. License: Creative Commons, Attribution-NoDerivs 2.0 Generic

September 7 (Renewables Now) - Renewables investment trust Atrato Onsite Energy plc (LSE:ROOF) today said it has acquired a company that owns 33 MW of solar parks in the UK from Cero Generation, an independent portfolio company of Macquarie’s Green Investment Group (GIG).

The acquisition of Sonne Solar Ltd will bring 32 rooftop and ground-mounted behind-the-meter photovoltaic (PV) systems to Atrato’s portfolio, as well as an additional development pipeline of 33 projects.

The acquired solar plants operate under power purchase agreements (PPA) with institutional-grade parties and benefit from revenues from annual inflation or fixed uplifts. The remaining average maturity of the power off-take contracts is 21 years. The development portfolio, meanwhile, is part of a framework agreement with a single FTSE100 business, the buyer said without disclosing further details.

Separately, Atrato has reached financial close on a 1-MWp rooftop solar project that has in place a 25-year PPA with a unit of Swedish pharmaceutical group Recipharm AB and will be completed by end-2022.

The project financing and the acquisition of Sonne Solar required an investment of over GBP 31 million (USD 35.6m/EUR 36m), the company said.

(GBP 1.0 = USD 1.149/EUR 1.161)

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