Atrato Onsite Energy, a renewable energy investment trust is planning a £150 million IPO that, if it goes ahead, would make it the first-ever company to list on the London Stock Exchange with an all-female board. Atrato has a three-woman board currently chaired by Aim-listed renewable power supplier Good Energy’s founder Juliet Davenport. She is to be joined by directors Faye Goss, a former senior property lawyer at Tesco, and Marlene Wood, who has held several non-executive and executive roles on the boards of listed trusts.
Atrato is expected to make an announcement on the proposed IPO today. There has been some evidence London Stock Exchange investors are starting to experience a level of IPO fatigue after a busy calendar for listings throughout 2021 and growing nerves around inflation, interest rate rises and a stalling post-lockdowns recovery.
However, the renewable energy investment trust may feel confident in the prospects of its IPO. For one, at £150 million it is relatively small and doesn’t require the backing of hundreds or even thousands of investors to make it over the line. Additionally, Atrato should tap into City demand for both investments with strong environmental sustainability credentials and a trend towards support for increased diversity at senior management and board level of London-listed companies.
Atrato is a London-based investment firm that already runs the Supermarket Income Real Estate Investment trust.
The £1 billion trust listed in 2017 and invests in supermarket store and logistics properties. It also has a renewable energy element with part of the investment strategy to install PV systems on the roofs of the supermarket properties in its portfolio.
The new trust will leverage that experience by focusing purely on investing in PV systems installed on the roofs of commercial real estate assets like warehouses and factories. Supermarket installations are also possible. The power generated by the photovoltaic systems is to be sold to the occupants of the buildings they are installed on, providing them with cost-effective green energy and minimising the amount of electricity lost when it is distributed through the grid.
The Atrato Onsite energy trust is targeting total annual returns of between 8% and 10%. It is believed a successful IPO will make the trust the first company to ever list on the LSE without a male director on its board.
Ms Davenport commented of the proposed 3-woman board, downplaying the significance of its gender composition by stating
“the three of us bring a breadth of knowledge in the specific areas that the company needs, that’s really what’s important.”
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