Battery storage developer secures £10m for expansion

A UK battery storage developer has secured £10m from Bristol-based sustainable bank Triodos. Harmony Energy said it would use the credit facility to help with its 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.

The company’s first battery energy storage site went live in June 2020 and it now has 14 sites, including in Poole, Salisbury and North Devon. Harmony’s portfolio also includes the three largest battery energy storage systems in Europe by MWh.

It is Triodos' first standalone loan to the energy storage sector in the UK.

Peter Kavanagh, chief executive 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."

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Chris Cullen, senior relationship manager at Triodos Bank UK, added: “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.”