Harmony Energy Income Trust notes value of two-hour duration in initial NAV figures considering that IPO

• Harmony Energy Income Trust (HEIT) has actually emphasised the benefits of two-hour duration batteries, as it reports its web property value (NAV).

The firm's NAV enhanced by 1.74% to ₤ 210.11 million in the three months following its IPO in November. This was mostly because of its Pillswood (98 MW) and also Broadditch (11 MW) projects being revalued to mirror reduced threat as a result of EPC, O&M and revenue optimization contracts with Tesla.

These 2 projects-- which create part of HEIT's initial seed portfolio of five projects with a capacity of 213.5 MW-- are now under construction and are anticipated to be full from December 2022.

The various other three websites Farnham (20MW), Rusholme (35MW) and Little Raith (49.5 MW) are all now shovel prepared, and likewise benefit from a Tesla structure agreement.

Every one of HEIT's battery assets have a duration of 2 hrs, an essential tenet of the firm's method as it says this enables it to take advantage of rises in wholesale market profits possibilities. This is particularly considerable currently, provided the record high wholesale power prices in the UK driven by an international gas shortage.

There are currently just 2 two-hour duration battery storage space projects in the UK, according to HEIT, both of which were developed by Harmony Energy Limited-- the parent company of the battery-focused capitalist. Both additionally use Tesla's Megapack technology and Autobidder revenue optimization platform, mirroring HEIT's advancements.

Max Slade, commercial director of Harmony Energy Advisors Limited, commented: "We are pleased with the increase in NAV over the period and also we remain to make good development with the build-out of the portfolio."

Harmony Energy has actually been enhancing its portfolio of battery energy storage in the UK, consisting of protecting a lease for its 100MW Creyke Beck project earlier this month. In November, it revealed a joint venture with international clean energy team TagEnergy for 2 grid-scale battery energy storage space projects in England and Scotland with a complete capacity of 100MWh.

In 2020, it signed a take care of Fotowatio Renewable Ventures to develop a 99MW/ 198MWh project in southern England.