Brookfield buys Atrato for £220 million in bet on rooftop solar

Brookfield and Real Asset Investment Management have acquired the UK’s largest owner of commercial rooftop solar, Atrato Onsite Energy, in a £220 million deal and plan to invest up to £1 billion by 2030 in rooftop solar, which is expected to increase the solar capacity in the UK by over 1GW.

“At a critical moment for the UK’s future energy system, this transaction highlights the leading role UK businesses like Atrato are playing in the global energy transition,” said Juliet Davenport, chair, Atrato Onsite Energy. “Brookfield’s backing will build on the progress that was made as a listed business, enabling the new private company to accelerate investment in the market, delivering clean and economic energy to businesses across the country.”

The Renewable Energy management team at Atrato will transition into a newly created business and will continue its mandate to develop and invest in clean energy infrastructure for UK-based corporates. Atrato currently has an established pipeline worth £400 million that includes ongoing projects with major customers such as Tesco, Britvic, M&S and Nissan.

“This is our first investment in UK rooftop solar and we see huge potential in this sector,” said Ignacio Paz-Ares, managing partner, Brookfield’s Renewable Power & Transition Group. “We are excited to support the team and help accelerate the growth of solar in the UK, a technology that plays a critical role in the future energy mix and achieving the country’s decarbonisation goals.”

The UK Government has set out a goal to achieve a clean energy system by 2030 and become a clean energy superpower, with solar playing a key role in these plans. Data from the IEA show that solar PV is forecast to account for 80% of the growth in global renewable capacity between now and 2030.

“Solar is a vital part of our national shift to clean energy, and businesses are looking for ways to reduce emissions and cut costs,” said Davenport. “I know that the management team look forward to expanding their portfolio alongside Brookfield, working with existing and future partners and customers to achieve the national 2030 clean energy target.”

The acquisition of Atrato highlights the potential of UK commercial and industrial solar, sending a positive signal that the country remains a strategically important market for the global clean energy transition, Brookfield said. As demand for solar projects from corporates grows exponentially, power purchase agreements provide a quick, low-cost way for businesses to play a role in achieving national net zero targets.

Brookfield and RAIM were backed by Access Capital Partner and AltamarCam Partners.