Harmony Energy - HEIT's parent company - has developed a number of battery projects around the country, such as the Holes Bay site (pictured). Image Harmony Energy.
Harmony Energy Income Trust (HEIT) has completed the acquisition of the 99MW/198MWh energy storage project, dubbed Bumpers.
This represents its first pipeline acquisition from Harmony Energy Limited – the investment firm's parent company – since it was launched in November 2021. In June, HEIT secured a £60 million debt facility from NatWest to support the acquisition.
Additionally, the company has signed new contracts with Tesla for the supply, construction, maintenance and optimisation of Bumpers, starting on 31 August 2023.
The investment company raised £186.5 million through the placing and offer for subscription of its Initial Public Offering in 2021, and it has since been looking to increase its portfolio. HEIT now has six projects, with a total capacity of 312.5MW/625MWh under construction. The first Pillswood (98MW/196 MWh), is due to start commercial operations in November.
Bumpers was acquired at a discount to fair market value, and as such both the acquisition and the contracts with Tesla have boosted HEIT’s net asset value (NAV) by 8p per share. This brings the company’s adjusted NAV per share to 115.9 pence.
Beyond HEIT, Harmony Energy has also been expanding its portfolio, including working together with Fotowatio Renewable Ventures to construct the 99MW/198MWh Clay Tye battery energy storage asset in Essex.
It signed a joint venture with global clean energy group TagEnergy for two grid-scale battery energy storage projects in England and Scotland with a total capacity of 100MWh in November 2021. Construction has now started on the first of these projects, the £30 million Chapel Farm 49.5MW/99MWh standalone energy storage system.
In February 2022, Harmony Energy also secured a lease for its 100MW Creyke Beck project.