Client stories

Building the infrastructure for renewables

NatWest finances Harmony Energy Income Trust’s battery storage project

Delivering the backbone for a greener future

Harmony Energy Income Trust plc (the “Company”) 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 is advised by Harmony Energy Advisors Limited, which is a wholly-owned subsidiary of Harmony Energy Limited. Harmony Energy Limited holds a minority stake in the Company, and is a leading UK battery energy storage project developer with an established track record in developing, funding and supervising the construction of such projects and other renewable generation projects in Great Britain.

Outside of the portfolio now owned by the Company, Harmony Energy Limited has developed and sold/financed BESS projects in Great Britain totalling 288.5MW/577MWh of which 41.5MW/83MWh is operational and 247MW/494MWh is under construction. 

Debt package provides flexibility and ‘top up’ element

Looking to secure funding for future projects, including the acquisition and construction of Harmony Energy’s first pipeline project – a 99MW/198MWh project located in Buckinghamshire – the company asked NatWest to help arrange a suitable financing package.

The NatWest team worked closely with the Harmony Energy Income Trust team to understand their mid-term cash flow needs. Based on the discussions they agreed a five-year £60 million facility, which is “interest-only” for the first three years, as well as an uncommitted accordion which could increase the total amount borrowed to £130 million.

Lending helps achieve a greener economy

Norman Crighton, Chair of Harmony Energy Income Trust plc, commented: “The securing of this £60 million debt facility is yet another positive step for us during a very active period since our IPO. NatWest is an experienced lender in this sector and has worked proactively with us to design a debt package which supports our objectives.”

Jacob Lloyd, Energy Director, Specialist Asset Finance at NatWest, said: “We are excited to help our customer, Harmony Energy Income Trust, grow their battery storage pipeline. This financing demonstrates NatWest’s commitment to actively help build a greener economy and future. While the battery market is still relatively nascent in terms of liquidity, it remains critical to the transition to net zero as more renewable infrastructure becomes operational. We look forward to continue supporting Harmony Energy Income Trust and the battery market as a whole.”


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