HEIT’s parent company Harmony Energy also has a portfolio of battery storage assets like the Contego battery pictured. Image: Harmony Energy.

In its first full year since IPO, Harmony Energy Income Trust (HEIT) has seen its asset value grow by 24.84% to £257.8 million, as demand for storage assets continues in Britain.

During the year ending 31 October 2022, the company secured a debt finance facility of up to £60 million from NatWest, which included an accordion for a further £70 million, to allow the company to acquire and construct its first pipeline of projects.

As of the end of the first year since the companies incorporation, it had six 2-hour duration BESS projects totalling 312.5MW/625MWh.

“The Company has had a productive first full year as a listed company, with multiple BESS project acquisitions and strong NAV growth,” said Norman Crighton, chair of HEIT.

“We are pleased to be enabling the transition to an environmentally, financially and socially sustainable energy system whilst delivering attractive and sustainable returns to shareholders”

On 14 October, HEIT issued 14.78 million C Shares at a value of £1 per C Share, this followed the company’s maiden dividend of 1 pence per ordinary share being declared and paid in July, and a second relating to the period declared in December.

Since the end of the first financial year since incorporation, the company has continued to build out its pipeline of projects.

It now has one operational battery energy storage asset – the 98 MW/196MWh Pillswood battery in Yorkshire which was energised in November – and seven under construction, as well as a final project at the shovel ready stage which was acquired in December.

Project MW/MWh Location Target commercial operations date Status
Pillswood 98/196 Yorkshire Operational Operational
Broadditch 11/22 Kent Q1 2023 Under construction
Farnham 20/40 Surrey Q2 2023 Under construction
Rusholme 35/70 Yorkshire Q3 2023 Under construction
Bumpers 99/198 Bucks. Q3 2023
Little Raith 49.5/99 Fife Q4 2023 Under construction
Wormald Green 33/66 Yorkshire Q1 2024 Under construction
Hawthorn Pit 49.9/99/8 County Durham Q2 2024 Under construction
Rye Common 99/198 Surrey Q3 2024
Total 494.4/988.8

This week, it also announced an expansion to its existing debt facility, with NatWest and Coöperatieve Rabobank U.A. (Rabobank) coordinating to upsize it to a total of £110 million committed debt.

This growth will allow HEIT to finalise contracts with the global green technology company, Envision, for two new BESS: Wormald Green (33MW/66MWh) and Hawthorn Pit (49.9MW/99.8MWh).