ENERGY STORAGE

Harmony Energy secures £10m credit facility with Triodos Bank UK

April 25, 2024

Battery storage developer Harmony Energy has secures a £10 million credit facility with Triodos Bank UK to support the development of new projects and expansion across Europe.

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, (which includes Harmony Energy Income Trust Plc), with a further 268MW / 536MWh under construction. Harmony has a global pipeline of more than 11GW.

The company’s first battery energy storage site went live in June 2020 and, since then, Harmony Energy has developed 14 sites.

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, a Harmony Energy statement said. Triodos Bank NV, of which the UK business is a subsidiary, has provided loans 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.”