Arato Onsite Energy has announced a £38 million acquisition of a ready-to-build 50MW solar project in Richmond, North Yorkshire.

The ground mounted project will be constructed under a fully wrapped EPC contract. ROOF will be investing a total of £38m over a 12-month period to acquire and construct the project for a target energisation date in Q2 2024.

The company is running a competitive process across corporate and utility offtakers for the sale and purchase of electricity generated by the project. Once energised, the project is expected to save 11,475 tonnes of CO2e a year and power an equivalent of 17,120 UK homes per annum.

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Gurpreet Gujral, Managing Director at Atrato Group, Investment Adviser to the ROOF, 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 whilst maintaining one of the lowest sensitivities to power prices in the sector. This brings us a significant step closer in delivering on our strategy.”"