Battery storage developer Harmony Energy has received new funding from sustainable bank Triodos to help finance its expansion across Europe.
The credit facility of up to £10 million will help accelerate the development activities of Harmony Energy, which has a global pipeline of more than 11 GW. It currently has 516 MW (1,032 GWh) of operational capacity from BESS, with a further 268 MW (536 MWh) under construction.
This is Triodos Bank’s first standalone loan to the energy storage sector in Great Britain. Previously, Triodos Bank NV provided financing for more than ten battery energy storage system (BESS) projects across Europe.
Peter Kavanagh, CEO of Harmony Energy, said: “We have great admiration for Triodos and their mission to only work with organizations that change the world for the better.
“Having their support will strengthen our objectives of developing and operating vital battery energy storage facilities in the UK and Europe, which in turn will lead to improved energy security, more affordable energy bills and support the decarbonisation of the electricity grid.
“We are pleased that Triodos is joining us on our journey towards a sustainable future.”
Harmony Energy continues the expansion of BESS
Harmony Energy continues to expand its BESS capabilities in the UK and Europe, and this latest deal will help develop its development pipeline.
As we turned our attention to Europe, Harmony Energy Income Trust (HEIT) powered the “joint largest BESS in Europe” in October 2023 in the form of Bumpers, a 99MW/198MWh asset in Surrey, England.
Bumpers’ output is 1 MW greater than that of the investor’s Pillswood project and has the same megawatt-hour capacity. Pillswood was brought online in November 2022 and is considered one of the largest standalone battery storage systems in Europe.
The investor claimed that Pillswood was among the best performing battery assets in Britain in the first quarter of 2023, with net revenues of £2.3 million between commissioning and the end of April 2023.
More recently, in March 2024, Clay Tye, a 99MW/198MWh BESS jointly developed by Harmony Energy and Fotowatio Renewable Ventures, went live.
Clay Tye operates 52 Tesla Megapack lithium-ion batteries, each with a capacity of 198 MWh, connected to the UK Power Networks distribution network. The project also uses Tesla Autobidder AI energy capacity sharing software.
The project is based on the joint portfolio shared by the renewable energy development company and the renewable energy operator, including the 34MW/68MWh Contego BESS in West Sussex and the 7.5MW/15MWh Holes Bay.
