Battery storage developer Harmony Energy has secured £10 million in new finance from sustainable bank Triodos.
The company says it will use the new credit facility to support 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. Its first battery energy storage site went live in June 2020 and since then, it has developed 14 sites, including the multi-award-winning Pillswood project in East Yorkshire. Harmony Energy’s portfolio includes the three largest BESS in Europe (by MWh).
While Triodos Bank UK – a Good With Money ‘Good Egg’ firm – 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.
