Consortium acquires Yorkshire's biggest solar farm
Plus, if you're in business we've a special offer just for you - 30% off tickets for a leading event next week
Good morning! I’m Sarah Hartley and this is The Northern Eco with a business focussed update for you today. As you’ve received this newsletter then either you subscribed, or someone forwarded it to you. If the latter, then you can click on this handy little button below.
We’ve news on the solar farm at Skeeby, eco housing developments and incinerators but, before we get to all that, we’ve got a special offer for businesses looking to "future proof" in 2025. That's the focus of this year's Better Business Summit, which brings together successful and sustainable companies in Manchester every year, and is taking place from the 15th-17th January. I went along to this event last year (brief thoughts and takeaways from that here) and can recommend it as a great networking opportunity as well as an opportunity to catch up with the latest thinking across a wide range of organisations.
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Skeeby Solar Farm owners acquired
Just weeks after all the local press headlines were announcing the region’s largest solar farm becoming operational, the company running it was acquired by investors in a £220M deal.
The Skeeby solar farm in North Yorkshire, controversial with local residents who campaigned against it being given planning permission back in 2020, is made up of over 93,000 bifacial solar panels, spread across a 166 acre site.
In an announcement on their website at the end of last year, the new owners say “ 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.”
Back in October, the Skeeby project, owned and operated by Atrato Onsite Energy revealed it had invested £39.4 million into the development. The company also signed a three-year power purchase agreement (PPA) with UK utility OVO Energy, which will receive 49GWh of electricity each year from the site.
One of those heralding the operational stage of the site back then was the company’s MD Gurpreet Gujral who, posting on LinkedIn, announced that he was excited that “the sale of Atrato Onsite Energy’s asset portfolio to Brookfield and RAIM Apollo has now been completed.”
“Our dedicated renewable energy team and I have officially transitioned to the new business entity. We’re continuing to manage the portfolio as seamlessly as before, delivering the same level of expertise and commitment our customers rely on.
”As we undergo a full rebrand, we’ll soon unveil our new identity, but our mission remains the same: decarbonising real estate and bringing material energy cost savings to our customers.”
We caught up with Mr Gujral yesterday as he was busy moving London offices but was still good enough to spare me a few minutes. He confirmed that the ownership change wouldn’t alter the operations at Skeeby but would provide the company with many further opportunities in terms of strategic direction along with the extra investment. We can expect further details of the company’s rebrand next week.
According to Investment Week, the deal had a headline price of £218.7m. And in a Stock Exchange notice, the board said the trust would seek voluntary liquidation.
It’s not the first time the solar farm has changed hands. The planning permission was initially granted for Yorkshire-based Harmony Energy to develop. Atrato then acquired the operation in April 2023 with a pledge to invest £38 million over a 12-month period.
In other business news
🏭 Redcar MP Anna Turley has joined the opposition to plans to build a waste incinerator on the Teesworks site. The Tees Valley Energy Recovery Facility (TVERF) is a joint project between the Tees Valley’s five councils along with Durham County Council and Newcastle City Council, which will burn waste which isn’t recycled to produce energy but has prompted local objections. Leigh Jones at the Teesside Lead has more.
🏡 A development of homes built to Passivhaus standards will be available for sale in York from the spring writes Haydn Lewis at York Press.
⚡️ A partnership involving the Port of Blyth, Offshore Renewable Energy Catapult and Northumberland County Council, aims to bolster skills, innovation and research in the energy sector, “creating real opportunities” and helping “form the renewables workforce of the future” by “bridging the gap between academic excellence and industry needs”. BDaily has more on this Energy Central Campus.
🌼 Thank you for reading edition number 116 of The Northern Eco. This newsletter remains independent, free unless you want to pay, ad-free and is proudly reader supported thanks to paying subscribers. The main newsletter is sent out at 7am every Tuesday and wouldn’t exist without paying subscribers. 🙏