Foresight Group, an infrastructure and private equity investment firm, has announced the acquisition of Harmony Energy Income Trust (HEIT), a developer of utility-scale battery energy storage projects.
Foresight Energy Infrastructure Partners II (FEIP II), an energy transition fund managed by Foresight Group, has acquired a 49% stake, while a Foresight portfolio company, Blackmead Infrastructure Limited, acquired the remaining 51%.
This transaction also makes HEIT private and secures ownership of a 400 MW/800 MWh energy storage portfolio, which comprises eight fully operational, grid-connected energy storage projects located across England and Scotland.
The acquisition is expected to strengthen FEIP II’s position as one of the major investors in infrastructure supporting the energy transition, which is actively exploring the development of a pan-European battery storage platform.
Richard Thompson, Co-Manager, Foresight Energy Infrastructure Partners, comments: “This acquisition represents a significant milestone for FEIP II and further underscores our commitment to accelerating the energy transition through high-quality, revenue-generating infrastructure. Battery storage is critical to enabling a renewables-led power system, and this portfolio offers immediate scale, strong economics, and proven performance.”
According to Mercom’s Q1 2025 Funding and M&A Report for Energy Storage, Corporate energy storage M&A activity decreased, with one company acquired in Q1 2025 compared to eight in Q1 2024.
In April, Blue Elephant Energy, an independent power producer specializing in renewable energy, acquired a majority stake in Solar215, a developer of energy storage projects. This acquisition is expected to accelerate Solar215’s growth trajectory by gaining access to BEE’s market expertise, financial capabilities, and industry network.
