Investment firm Atrato Onsite Energy has acquired a 50 MW ready-to-build solar project in Richmond, North Yorkshire. The project, which will include a ground-mounted solar facility, will be built under a fully covered engineering, procurement and construction (EPC) contract. Atrato, which trades under the stock symbol ROOF, will invest a total of £38 million over a 12-month period to acquire and build the project. Commissioning is scheduled for the second quarter of 2024.
British developer Harmony Energy, one of the vendors, will support Atrato in the implementation of the project. Atrato will organize a competitive process for corporate and utility purchasers of electricity to sell the electricity generated by the project.
Atrato’s largest solar project
Gurpreet Gujral, managing director of Atrato Partners, the company’s investment administrator, said, “We are pleased to announce this acquisition, which is our largest solar project to date. At the time of our IPO, we stated our intention to build a diversified portfolio of behind-the-meter and ahead-of-the-meter solar assets, while maintaining one of the lowest power price sensitivities in the industry. This brings us significantly closer to achieving our strategy.”
Harmony Energy received unanimous approval from Richmondshire District Council to build the 40 MW solar farm in early November 2022. At the time, Harmony Energy Director James Ritchie said, “We are thrilled that this important renewable development can continue. As with all our developments, there will be an annual community fund to support local projects. This is in addition to the significant commercial taxes that will be paid and will benefit the community as a whole.”
Atrato expands its solar portfolio in the UK
Atrato has been rapidly expanding its UK solar portfolio and recently confirmed a £29 million investment in two solar projects. The projects, located in Northamptonshire and Lancashire, have a combined generating capacity of 29 MW and will both be operational by the end of 2023.
The first project, a 28 MW ground-mounted solar installation in Wellingborough, Northamptonshire, was acquired from Heliofidem UK and is scheduled for completion in the fourth quarter of 2023. Atrato has also entered into a financial agreement on a 1 MW rooftop solar project based in Preston, Lancashire. The project has a 16-year power purchase agreement with Huntapac Produce, a UK-based vegetable producer. The project is expected to be operational in the fourth quarter of 2023.
