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. |
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.
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.”
Finance is subject to status. Security may be required. Product fees may apply.
This article has been prepared for information purposes only, does not constitute an analysis of all potentially material issues and is subject to change at any time without prior notice. NatWest Markets does not undertake to update you of such changes. It is indicative only and is not binding. Other than as indicated, this article has been prepared on the basis of publicly available information believed to be reliable but no representation, warranty, undertaking or assurance of any kind, express or implied, is made as to the adequacy, accuracy, completeness or reasonableness of the information contained in this article, nor does NatWest Markets accept any obligation to any recipient to update or correct any information contained herein. Views expressed herein are not intended to be and should not be viewed as advice or as a personal recommendation. The views expressed herein may not be objective or independent of the interests of the authors or other NatWest Markets trading desks, who may be active participants in the markets, investments or strategies referred to in this article. NatWest Markets will not act and has not acted as your legal, tax, regulatory, accounting or investment adviser; nor does NatWest Markets owe any fiduciary duties to you in connection with this, and/or any related transaction and no reliance may be placed on NatWest Markets for investment advice or recommendations of any sort. You should make your own independent evaluation of the relevance and adequacy of the information contained in this article and any issues that are of concern to you.
This article does not constitute an offer to buy or sell, or a solicitation of an offer to buy or sell any investment, nor does it constitute an offer to provide any products or services that are capable of acceptance to form a contract. NatWest Markets and each of its respective affiliates accepts no liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this material or reliance on the information contained herein. However this shall not restrict, exclude or limit any duty or liability to any person under any applicable laws or regulations of any jurisdiction which may not be lawfully disclaimed.
NatWest Markets Plc. Incorporated and registered in Scotland No. 90312 with limited liability. Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. NatWest Markets N.V. is incorporated with limited liability in the Netherlands, authorised and regulated by De Nederlandsche Bank and the Autoriteit Financiële Markten. It has its seat at Amsterdam, the Netherlands, and is registered in the Commercial Register under number 33002587. Registered Office: Claude Debussylaan 94, Amsterdam, the Netherlands. Branch Reg No. in England BR001029. NatWest Markets Plc is, in certain jurisdictions, an authorised agent of NatWest Markets N.V. and NatWest Markets N.V. is, in certain jurisdictions, an authorised agent of NatWest Markets Plc. NatWest Markets Securities Japan Limited [Kanto Financial Bureau (Kin-sho) No. 202] is authorised and regulated by the Japan Financial Services Agency. Securities business in the United States is conducted through NatWest Markets Securities Inc., a FINRA registered broker-dealer (http://www.finra.org), a SIPC member (www.sipc.org) and a wholly owned indirect subsidiary of NatWest Markets Plc.
Copyright 2022 © NatWest Markets Plc. All rights reserved.
A major player in environmental services, SUEZ supports local authorities and industry worldwide in managing essential services around water and waste. The French group is committed to optimising resource use by exploiting the full potential of new and digital technologies, recycling, recovering value, producing secondary raw materials and alternative resources, and helping its customers in the transition to a circular economy.
Jigsaw Homes owns and manages approximately 35,000 homes across the North-West, and East Midlands. The housing association, one of the largest in England, focuses on building, renovating, and managing affordable housing for rent and sale, with 82% of its turnover coming from social housing lettings. Having completed more than 3,000 new homes in five years up to March 2021, Jigsaw is aiming to build another 4,000 homes over the next five years.
The Inter-American Development Bank (IADB) is the leading source of development finance for Latin America and the Caribbean. Dating back to 1959, the IADB provides loans, grants and technical assistance for countries seeking to reduce poverty and inequality by improving health services, education and infrastructure.
