Harmony Energy, a utility-scale energy storage project developer, secured a £10 million (~$12.5 million) credit facility from Triodos Bank U.K. to support the development of new projects and its expansion across Europe. The new facility is the bank’s first U.K. loan to the standalone energy storage sector.
Peter Kavanagh, CEO at Harmony Energy, said: “Having their support will strengthen our goals of developing and operating vital battery energy storage facilities across the U.K. and Europe, which, in turn, leads to enhanced energy security, more affordable energy bills, and supports the decarbonization of the grid.”
Currently, the company has 516 MW/1.032 GWh of BESS operational capacity. Harmony has a global pipeline of over 11 GW, of which 268 MW/536 MWh is under construction.
Chris Cullen, senior relationship manager at Triodos Bank U.K., added: “Flexible technologies, like batteries, form a key part of the U.K.’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.”
According to Mercom’s recently released Q1 2024 Funding and M&A report for Storage & Smart Grid. In Q1 2024, announced debt and public market financing in the Energy Storage sector totaled $10.5 billion in six deals, increased 855% YoY compared to Q1 2023, when $1.1 billion was raised in eight deals.
Last Year, Statera Energy, a U.K.-based energy storage and flexible generation developer and operator, secured up to £300 million (~$377 million) in debt financing led by Lloyds Bank. The balance will fund the development of a 270 MW flexible generation plant, which secured a capacity market contract in that year.
