Harmony Energy protects ₤ 60m from NatWest for battery storage acquisition

• Harmony Energy Income Trust plc has actually protected a ₤ 60 million debt facility from NatWest to sustain the procurement of the company's very first pipeline project.

The 99MW/198MWh battery energy storage project lies in Buckinghamshire and also called Bumpers. Harmony has the discernment to assign the funds to different pipeline projects if desirable.

NatWest has provided the five-year facility with an initial margin of 300 basis points (bps) over SONIA rates of interest, which will after that rise to 375bps after 5 years. It is readied to be interest-only for the very first 3 years.

It likewise offers an uncommitted accordion that can see the complete amount borrowed increase to ₤ 130 million over time.

" The safeguarding of this ₤ 60m debt facility is yet one more favorable step by the Company as well as the administration group throughout a very active period since IPO," stated Norman Crighton, chair of Harmony Energy Income Trust plc.

" NatWest is a seasoned lender in this market and also has actually functioned proactively with us to develop a debt plan which supports the Company's objectives."

Harmony raised ₤ 186.5 million with the placing as well as offer for registration of its Going public in November 2021. This is helping it increase its battery storage portfolio in the UK, consisting of the company securing a lease for its 100MW Creyke Beck project in February.

Construction started on its ₤ 30 million Chapel Farm 49.5 MW/99MWh standalone energy storage system in March, complying with new funding from Santander UK.

Furthermore, Harmony Energy announced that it is increasing into France with the launch of a new associate in March.

NatWest on the other hand has expanded its function in the battery energy storage industry, consisting of offering a ₤ 380 million funding plan to Gresham House Energy Storage Fund in November 2021, shutting the funding round for Fotowatio Renewable Ventures's 7.5 MW/15MWh Holes Bay battery project in October 2021 and also finishing a funding manage Statera Energy to sustain 8 new projects in March 2021.

It is additionally a well-known lender for the solar field, and lately finished the expansion of a ₤ 30 million term finance facility with Downing LLP.