News

Launch of Harmony Energy Income Trust plc

9 November 2021

Harmony Energy is delighted to announce the launch of Harmony Energy Income Trust plc.

Harmony Energy Income Trust plc (HEIT) is an investment company that invests in commercial scale energy storage and renewable energy generation projects, with an initial focus on a diversified portfolio of battery energy storage systems (BESS) located in Great Britain. The Company will be managed by Harmony Energy Advisors Limited, a wholly owned subsidiary of Harmony Energy.

The Company has listed on the Specialist Fund Segment of the Main Market of the London Stock Exchange, issuing 210m shares at a price of £1 each. The issue of shares raised gross proceeds of £186.5 million through a Placing and Offer for Subscription, and the Company has issued 23.5 million shares in connection with the acquisition of the Seed Portfolio from Harmony Energy.

The Seed Portfolio acquired by HEIT contains five BESS ‘shovel ready’ projects with an aggregate storage capacity of 213.5 MW (427 MWh), with an additional 99MW (198 MWh) advanced project to be acquired in due course, taking the total initial portfolio to 312.5 MW (625 MWh). HEIT will have exclusive rights to acquire a pipeline of BESS projects of up to aggregate capacity of 687.5 MW that are already within Harmony Energy’s control. This will take HEIT’s initial target portfolio to 1 GW. The Company has further preferential rights over Harmony Energy’s future projects.

Max Slade, Commercial Director of Harmony Energy Advisors Limited, said: “We thank investors for the support shown throughout the process and now look forward to building out our Seed Portfolio with Tesla in line with our pre-defined timeline. Never has there been more focus on the need for a greener, more sustainable way of living. Battery storage, acting as an enabler for renewable energy generation, is key to the transition to net zero. Now is the time to bring battery energy storage projects online in scale to help facilitate the transition to net zero and the Company is well-placed with its exclusive pipeline of future projects to be a key player in this market.”

Further information can be found on the Company’s website. Visit www.heitp.co.uk.

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