7 November 2024
A consortium backed by Real Asset Investment Management (“RAIM”), Access Capital Partners, AltamarCam Partners and Brookfield Asset Management (together, “the Consortium”) today announces the acquisition of a leading commercial and residential rooftop solar portfolio from Atrato Onsite Energy plc (“Atrato”).
The ROOF portfolio comprises 51 solar projects with a combined capacity of 204MW across 14 offtakers. The portfolio is 100% operational, with c.93% of annual revenue contracted under Power Purchase Agreements (“PPAs”) or subsidies and 91% of annual revenue subject to inflation or fixed uplifts. The portfolio has a 14-year average unexpired contract revenue term. As part of the transaction, the Consortium has agreed to automatically transfer certain employees of the incumbent investment advisor, Atrato Group.
John Rowland, Partner in RAIM, said: “We are delighted to announce the acquisition of the Atrato Onsite Energy’s assets. Not only is it a high-quality portfolio with contracted revenues backed by strong credit counterparties, but also the opportunity to partner with a high-quality management team with an excellent track record. We look forward to working with the team and our partners, Access Capital Partners, AltamarCam Partners and Brookfield, to continue to grow the platform, investing in projects to help businesses meet their decarbonisation goals.”
Manish Pandey, Partner and Co-Head of Infrastructure at Access Capital Partners, commented: “Sustainable, long term contracted generation assets that help achieve decarbonisation, are core part of our investment strategy. We are excited to work together with Atrato’s top-quality management team and our investment partners to support the company in the next phase of its growth.”
Antonio Villalba, Partner in AltamarCAM Partners commented: “We are excited about the acquisition of this top-quality portfolio and to be part of this Consortium to work together and support the team on the next phase of this business. We truly believe there is huge potential in the UK market to keep growing the platform offering a solution that will play a key role in the energy mix.”
Gurpreet Gujral CEO of Atrato Onsite Energy, commented; “We are excited about the next chapter of our business and have an opportunity to invest significant capital into our existing pipeline of opportunities, which has manifested through offering U.K. corporates a simple solution to procuring clean energy at an economic price.”
Kirkland & Ellis acted as buyside legal adviser to RAIM. Norton Rose Fulbright acted as the buyside legal adviser to the Consortium, Alston & Bird acted as legal advisor to Access, Montero Aramburu & Gómez-Villares Atencia acted as legal adviser to AltamarCAM Partners. Rina provided technical due diligence and PWC provided financial and tax due diligence.
About Real Assets Investment Management (www.realassetsim.com)
RAIM is an independent infrastructure investment platform backed by long term institutional investors. It aims to generate stable and attractive returns for its investors by following a patient and disciplined investment approach. It works with best-in-class management teams to drive growth and value creation initiatives within its portfolio companies.
About Access Capital Partners (www.access-capital-partners.com)
Access Capital Partners (“Access”) is a leading independent fund manager active in Private Assets in Europe since 1998. With offices in six European countries and aggregate historical investor commitments of €14.3 billion, Access offers exposure to Small cap Buy-outs, Infrastructure, and Private Debt through multi-managers funds (primaries and secondaries), direct & co-investment funds and customized client solutions. The firm’s investor base is diversified and well established with over 350 institutional and private investors. As an early signatory of the UN-PRI in 2008, the firm is fully committed to integrating Environmental, Social and Governance best practices into its investment strategies, acknowledging that a responsible investment approach partially mitigates investment risk and enhances long term returns.
About AltamarCam Partners (www.altamarcam.com)
AltamarCAM Partners is a private asset manager and solutions provider offering institutional investors -insurance companies, pension funds and financial entities – together with high net worth individuals, access to global private asset investments: private equity, venture capital, life sciences, real assets (real estate and infrastructures) and private debt / credit, through its selection of international managers, and different strategies (primaries, secondaries, co-investments and direct investment).
With offices in Madrid, Cologne, Barcelona, New York, London, Santiago de Chile and Munich, it has a team of more than 250 people. AltamarCAM Partners has more than €19.3 billion in investment commitments from investors.