September 13 (Renewables Now) - Atrato Onsite Energy plc (LON:ROOF) said on Monday it has agreed to acquire a 34-MW operational rooftop solar portfolio spread across England and Wales.
The UK-based renewable investment trust will pay GBP 77.3 million (USD 96.4m/EUR 90m) for the portfolio, including GBP 38.7 million of existing project finance debt. The buyer said the debt is at an attractive rate of 2% and is amortising over the 12-year contract term. The seller is a fund managed by Federated Hermes Infrastructure.
The portfolio comprises 9,549 photovoltaic (PV) systems with feed-in tariffs that have annual uplifts linked to the Retail Price Index (RPI) and a 12-year remaining term. The contracts have very low exposure to wholesale power prices, a key consideration for ROOF, which has only a 4% portfolio sensitivity to power price fluctuations.
The solar arrays have so far generated 291 GWh and are expected to produce another 390 GWh over their remaining life.
ROOF noted that demand for residential solar is set increase as all newly rented properties will need to have an Energy Performance Certificate (EPC) of at least “C” by 2025.
(GBP 1 = USD 1.247/EUR 1.164)