Atrato Onsite Energy Share Discussion Threads

[edwardt] 16/9/2023 06:54

If market cap doesn't get to £250m by 2025 there is a continuation vote. Decent irr to winding this up with a secured divi while we wait... I hope it can grow but will be unlikely unless they pull something out the bag

[cc2014] 13/9/2023 10:26

I'm not really in favour of buying back shares.

Either:

a)the assets are decent and over time the share price will drift up closer to NAV or

b)the assets aren't decent, the share price will fall with the NAV closing to the downside and they will have been buying back at what looked like value which wasn't really.


As for the investment itself I don't really know what I think. I like alot the lack of construction risk and certainty of revenues. It's hard to say whether they've paid a great price or not.

[jonwig] 13/9/2023 09:39

They have the authority, but (on my estimate) not the cash.

[riverman77] 13/9/2023 09:33

Surprised if this new acquisition represents as good value as simply buying back their shares, given they are now on a 27% discount.

[cc2014] 13/9/2023 07:16

I bought a few the other day.

As far as I can work out because the RNS isn't as clear as it could be I'm in agreement Jonwig that they are more or less fully committed.

[jonwig] 13/9/2023 06:49

New acquisition:



Terms look attractive (back-pay and RPI link), though I'm not an expert on pricing per Mw. They have about £40m cash plus £30m RCF, so they won't have much money left now.

[edwardt] 24/8/2023 15:35

the credit facility seems to be dragging on. perhaps tesco could lend them the money!

[edwardt] 10/8/2023 08:59

added a few this morning. last add until it starts improving!

[jonwig] 12/7/2023 07:10

CC - being behind the meter, unit price volatility is avoided. It becomes a predictable cost.

"Fixed price" means fixed unit price. (Same as with your home energy provider.)

[cc2014] 12/7/2023 06:39

This company does does the marketing speak

This is a unique PPA which will provide energy on a pay as you generate basis but delivered on a baseload basis that is consistent with Britvic's needs

Um. So, what does that actually mean? pay as you generate? yeah the sun is out. Delivered on a baseload basis. I think that means Britvic take the energy when they need it and otherwise it goes in the grid? doesn't sound so unique to me.



The PPA has a 10-year unexpired term at a fixed price with annual CPI linked uplifts
We all understand but annoys me. It can't be fixed if it's got a variable element. By definition. It simply can't. It's not a fixed price. Ok, I get what they mean is that the everything is fixed apart from the variable element. Clearly I got out the wrong side of bed.

[jonwig] 12/7/2023 06:14

Britvic contract finalised:



Pretty large, and CPI-linked.

[jonwig] 13/6/2023 06:14

Interims -



These look to be about as expected. The 5p dividend will be covered and there's 93% inflation or similar uplift to income.

Renewables are suffering from delays in grid connection. ROOF has the solution.

[edwardt] 26/4/2023 11:48

it strikes me the move to have 8% unlevered return as their target from levered is pretty unnoticed by shareholders. the others in the space need lots of leverage via spv's to get near that return.

[jonwig] 20/4/2023 08:29

From April [2023], all rented commercial property will need to have an energy performance certificate (EPC) rating of band E or better to be let or sold and failure to achieve this will see landlords face potential fines of up to £150,000.

... There has never been more of an incentive to embrace solar power – by occupiers and landlords alike – with buildings unlettable if they don’t meet have the required EPC rating.

... Thus, there is a significant opportunity to drive more solar energy in the UK, by over-cladding existing commercial property with PV (photovoltaic) cells.

[edwardt] 31/3/2023 15:37

maangement stepping in like that is encouraging. i joined them.

[edwardt] 31/3/2023 15:36

think someone unloaded this without thinking.

[jonwig] 31/3/2023 10:53

Another two today, in size!

[edwardt] 30/3/2023 08:57

nice insider buying.

[edwardt] 24/3/2023 15:49

actually looking fwd to next nav update here. should be ok.

[edwardt] 16/2/2023 17:27

this is more than every little helps. roof will be raising cash at a premium for this for many years...

[jonwig] 16/2/2023 08:01

This could be large:

When Atrato Onsite Energy (ROOF) was floated, it was billed as a spin-off from SUPR. It's now made its first joint agreement with Tesco stores rented from SUPR:



Although described as a deal between ROOF and Tesco, the deal also involves agreements between ROOF and SUPR.

[edwardt] 24/1/2023 11:27

good sign that.

[jonwig] 24/1/2023 07:31

PDMR buys 143,204 shares:

[jonwig] 22/11/2022 08:13

Confirms what we knew, no impact from the levy: