City briefs: Atrato Onsite Energy plc and Town Centre Securities
Atrato Onsite Energy, an investment company focusing on clean energy generation, is acquiring a ready-to-build 50MW solar project in Richmond, North Yorkshire.
The company will invest £38m over 12 months to acquire and construct the project for a target energisation date in quarter two 2024.
Harmony Energy Limited, one of the sellers, will continue to support the company with the delivery of the project.
Atrato is running a competitive process across corporate and utility offtakers for the sale and purchase of electricity generated by the project.
Once operational, the scheme is expected to power an equivalent of 17,120 UK homes per annum.
Gurpreet Gujral, managing director of Atrato Partners, the investment adviser to the business, said: “We are pleased to announce this acquisition which is our largest solar energy project to date.
“At IPO we stated our intention to build a diversified portfolio of behind-the-meter and front-of-the-meter solar assets while maintaining one of the lowest sensitivities to power prices in the sector.
“This brings us a significant step closer in delivering on our strategy.”
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Property investment, development, car park and hotel operator, Town Centre Securities (TCS), has completed the sale of part of its development site at Whitehall Riverside, Leeds.
It has sold the residential element of the new masterplan at this location to build-to-rent residential developer, Glenbrook, for £13m.
The book value of this element of the company’s Whitehall Riverside development site at 31 December 2022 was £10m.
TCS says £10m from proceeds of the sale will be used to repay bank borrowings with the balance retained for working capital purposes, to bring forward further development on the rest of the site and to fund further opportunistic investments.
