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Harmony Energy receives £10m credit facility from Triodos Bank UK

Battery storage developer Harmony Energy has received new finance from leading sustainable bank, Triodos, to support the development of new projects and its expansion across Europe.

The credit facility of up to £10m will be used by Harmony Energy to help accelerate development activities.

Harmony Energy develops, owns and operates utility-scale battery energy storage systems (BESS), solar farms and wind assets across Europe and New Zealand. It currently has 516MW (1.032GWh) of BESS operational capacity (across the group, including the listed business, Harmony Energy Income Trust Plc), with a further 268MW (536MWh) under construction. Harmony has a global pipeline of over 11GW.

The company’s first battery energy storage site went live in June 2020 and, since then, Harmony Energy has developed 14 sites, including the multi-award-winning Pillswood project in East Yorkshire. Harmony’s portfolio includes the three largest BESS in Europe (by MWh).

While Triodos Bank UK has provided finance to the renewable energy sector for almost 30 years, this is its first standalone loan to the energy storage sector in the UK. Triodos Bank NV, of which the UK business is a subsidiary, has lent to more than 10 BESS projects in Europe to date.

Peter Kavanagh, CEO at Harmony Energy, said:We have a lot of admiration for Triodos and their mission of only working with organisations who are changing the world for the better.

“Having their support will strengthen our goals of developing and operating vital battery energy storage facilities across the UK and Europe, which in turn, leads to enhanced energy security, more affordable energy bills, and supports the decarbonisation of the grid.

“We’re delighted that Triodos has joined us in our journey of powering a sustainable future.

Chris Cullen, senior relationship manager at Triodos Bank UK, added: “Flexible technologies, like batteries, form a key part of the UK’s energy system transition to net zero. They not only support the integration of more low-carbon power, heat and transport technologies, but are also vital for a renewable energy system to become a reliable alternative to the fossil fuel-based system. As a sustainable bank, a key focus of our lending over the next decade will be on projects like this, that work towards a future of reliable clean energy.”

“We’re pleased to be working with Harmony, as a leader in the UK battery market that shares our vision of a sustainable energy transition.”

Harmony Energy’s projects are designed to protect nature and support the local community, through setting new standards with biodiversity initiatives, community funds, and cutting-edge technology.