Atrato Onsite Power acquires rooftop solar installations providing 30GWh/year of FIT revenue

Atrato Onsite Energy has agreed to acquire 34MW of solar PV systems situated on residential rooftops across the UK with a total value of £77.3 million.
The investment company said the installations are being acquired from a fund managed by Federated Hermes Infrastructure, with a financial effective date of 31 December 2022. The investment company will benefit from the operational cashflows from payments pursuant to the government’s feed-in-tariff generated during the year to date. The FIT contracts have a 12-year weighted average unexpired term and benefit from annual, uncapped, RPI uplifts, with minimal exposure to wholesale power prices. The Transaction includes £38.7 million of existing fixed rate project finance debt. The cost of debt is 2% and the existing project finance within the structure amortises over the remaining 12-year year FIT period. The portfolio is expected to generate 30GWh of clean energy annually.