Harmony Energy Income eyes £130m capital raise to fund project pipeline

Three battery energy storage projects

Harmony Energy Income has proposed a capital raise of a maximum of £130m through a placing of new C shares to fund the acquisition and build out of three projects in the pipeline.

The £244m trust will issue up to 130 million new C shares at an issue price of 100p per share to fund its pipeline of 2-hour duration battery energy storage systems projects, which will be acquired under the company's right of first refusal arrangements put in place on its IPO. "The next three projects will shortly be ready for acquisition, against a strong backdrop for BESS, both in terms of the need for energy storage and the revenue profile," said chair Norman Crighton. "Whilst recognising the current challenging economic and market backdrop, we believe it to be beneficial for the ...