Atrato Onsite Energy (ROOF), the renewables investment trust focusing on commercial onsite energy in the United Kingdom, has acquired a behind-the-meter (BTM) solar company and reached financial close on a 1-megawatt rooftop solar project. The two transactions represent a combined consideration of more than £31 million ($36 million).
ROOF acquired Sonne Solar, which owns an operational portfolio and a development pipeline of BTM solar PV systems, from Cero Generation, an independent portfolio company of Macquarie’s Green Investment Group.
The operational portfolio consists of 33 megawatts of installed capacity across 32 rooftop- and ground-mount BTM assets in the United Kingdom. The off takers are all institutional grade and the project has a remaining average maturity of 21 years for the power-purchase agreements (PPAs). The development portfolio consists of an additional 33 pipeline sites that are part of a framework agreement with a single FTSE100 business.