The Renewable Energy team from independent UK law firm Burges Salmon has advised UK-based renewables investor Atrato Onsite Energy PLC on two acquisitions for a combined consideration in excess of £31m, including a significant operational portfolio and development pipeline of onsite solar PV systems from Cero Generation.
Atrato Onsite Energy PLC, which trades under ‘ROOF’, has bought 100% of the shares of Sonne Solar Ltd – a company that owns an operational portfolio and a development pipeline of behind-the-metre solar PV systems – from Cero Generation (an independent portfolio company of Macquarie’s Green Investment Group).
The operational portfolio consists of 33MW of installed capacity across 32 rooftop and ground mounted assets in the UK.
The development portfolio consists of a further 33 pipeline sites that are part of a framework agreement with a single FTSE100 business.
The other deal is a roughly 1MWp new rooftop solar project, benefitting from a 25-year power purchase agreement with a wholly owned subsidiary of Recipharm AB. The installation is expected to be commissioned before the end of 2022.
These transactions follow on from Burges Salmon’s Renewable Energy team advising Atrato Onsite Energy PLC on its £10.6 million acquisition of Hylton Plantation Solar Farm Limited, the SPV managing a 20 MW ground-mounted solar PV system for Nissan's manufacturing plant in Sunderland.
The Burges Salmon team advising on the deal was led by Head of Renewable Energy Ross Fairley, alongside corporate renewable energy lead Camilla Usher-Clark.
Ross Fairley comments: “We’re delighted to have worked alongside the Atrato Onsite Energy PLC team and supported their ambitions to accelerate the deployment of solar technology and this is in line with the firm’s belief that we must make meaningful commitments to drive the transition to net zero.”
Gurpreet Gujral, Managing Director of Atrato Partners Limited, the investment adviser to the Company, said: “We are delighted to announce these transactions which provide both an immediate source of income for ROOF as well as significant further pipeline. Many thanks to Burges Salmon’s Renewable Energy team in helping us close these transactions.”
Atrato Onsite Energy PLC is an investment company focused on onsite clean energy generation, providing new renewable energy capacity with 100% carbon traceability to industrial and commercial counterparties. It focuses on UK commercial rooftop and onsite solar, helping its corporate clients achieve Net Zero and reduce their energy bills.