Harmony Energy Income Trust is raising money to invest in 1GW of ‘shovel ready’ battery projects in Great Britain, in a £230 million share offering. It expects to acquire projects at a cost of £750,000/MW, whose value will rise to £874,000/MW once constructed.
On Admission, the Company will acquire a portfolio of five BESS ‘shovel ready’ projects with an aggregate storage capacity of 213.5MW/427MWh) from developer Harmony Energy, with an additional 99MW/198 MWh project to be acquired, taking the total initial portfolio to 312.5MW/625 MWh. In addition, the new Trust will have exclusive rights to acquire projects totaling 687.5 MW. The first projects will have the Tesla Megapack two-hour duration battery systems installed.
Previously, Harmony Energy has developed BESS projects in Great Britain totaling 238.5 MW/477 MWh of which 41.5 MW / 83 MWh is operational and 197 MW / 394 MWh is in construction. Harmony Energy’s first two BESS projects, Holes Bay and Contego, both deployed Tesla’s Megapack and Autobidder technology. It recently announced the start of work at the 99MW/198MWh Clay Tye site.
Paul Mason, Managing Director of the Investment Adviser, said: “Battery energy storage offers exciting growth, with 1.2 GW built and operating today versus a potential energy storage requirement of up to 43 GW by 2050..”