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London to gain its first-ever firm with an all-female board after £150m solar IPO

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Three-quarters of companies globally are not ready to have their environmental, social and governance (ESG) data audited externally months before new regulations kick in, according to a new report from KPMG published on Tuesday.
Three-quarters of companies globally are not ready to have their environmental, social and governance (ESG) data audited externally months before new regulations kick in, according to a new report from KPMG published on Tuesday.

Renewables investment trust Atrato Onsite Energy has announced its intention to float with a £150m IPO in what is understood to be the first-ever listing from a company with an all-female board on the London Stock Exchange.

Atrato Onsite Energy, which has been established to invest mainly in solar panels on the roofs of large commercial buildings, is expected to close the IPO by the end of November, and will aptly trade under the ticker ROOF.

Today, the investment trust announced it is seeking to raise £150m when it floats through ordinary shares, and will aim for the premium segment of London’s main market.

Targeting a 5 per cent per share dividend from day one, the new trust then intends to grow the annual total return to between 8 and 10 per cent.

The company will have an independent board of three non-executive directors, led by Juliet Davenport, founder of Aim-listed renewable power supplier Good Energy. Marlene Wood, a chartered accountant with broad experience in investment trusts, and Faye Goss, an ex-top property lawyer at Tesco, will also sit on the board.

“The Company will play a leading role in providing new green power capacity, delivering businesses a dedicated clean energy supply at a low fixed cost,” said Juliet Davenport, Chair of the new trust.

“[Atrato Onsite Energy] is expected to receive the London Stock Exchange’s Green Economy Mark, providing a confidence that the fund will have a material contribution to the global green economy.” 

Tapping into the growing demand for climate-friendly investments, Atrato Onsite Energy said it aims to “contribute to the UK’s net zero transition” with its investments, and “integrate ESG best practice” while it focuses on adding new renewable energy through solar panels.

Atrato also said it will also focus its investments on long-term assets with limited exposure to the wholesale power prices that are currently sending the UK’s energy market into flux.

The new trust will be managed by London-based investment firm Atrato, which already runs the £1bn Supermarket Income Real Estate Investment Trust, listed in 2017.