Battery storage developer Harmony Energy has received new financing from sustainable bank Triodos, to help fund its expansion across Europe.
The credit facility of up to £10 million will help accelerate the development activities of Harmony Energy, which has a global pipeline of over 11GW. It currently has 516MW (1.032GWh) of BESS operational capacity, with a further 268MW (536MWh) under construction.
This is Triodos Bank’s first standalone loan to the energy storage sector in the UK. Previously, Triodos Bank NV provided finance for more than 10 battery energy storage system (BESS) projects across Europe.
Peter Kavanagh, CEO at Harmony Energy, said: “We have a lot of admiration for Triodos and their mission of only working with organisations who are changing the world for the better.
“Having their support will strengthen our goals of developing and operating vital battery energy storage facilities across the UK and Europe, which, in turn, leads to enhanced energy security, more affordable energy bills, and supports the decarbonisation of the grid.
“We’re delighted that Triodos has joined us in our journey of powering a sustainable future.”
Harmony Energy continues BESS expansion
Harmony Energy continues to expand its BESS capabilities across the UK and Europe, and this latest deal will help evolve its development pipeline.
Turning our attention to Europe, in October 2023, Harmony Energy Income Trust (HEIT) energised the “joint-biggest BESS in Europe” in the form of Bumpers, a 99MW/198MWh asset in Surrey, England.
The output of Bumpers is 1MW larger than the investor’s Pillswood project and has the same capacity in megawatt-hours. Pillswood was brought online in November 2022 and is thought to be one of the largest standalone battery storage systems in Europe.
The investor claimed Pillswood was among the best-performing battery assets in GB in Q1 2023, with £2.3 million in revenues netted between its energisation and the end of April 2023.
More recently, in March 2024, Clay Tye, a 99MW/198MWh BESS jointly developed by Harmony Energy and Fotowatio Renewable Ventures, went live.
Clay Tye operates 52 Tesla Megapack lithium-ion batteries, each with a capacity of 198MWh, connected to the UK Power Networks’ distribution network. The project also uses Tesla Autobidder AI software for energy capacity sharing.
The project is built on the joint portfolio shared by the renewable energy development company and the renewable energy operator, which includes the 34MW/68MWh Contego BESS in West Sussex and the 7.5MW/15MWh Holes Bay.