The credit facility of up to £10m will be used by Harmony Energy to help accelerate development activities.

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, including the listed business, Harmony Energy Income Trust Plc), with a further 268MW (536MWh) under construction. Harmony has a global pipeline of over 11GW.

The company’s first battery energy storage site went live in June 2020 and, since then, Harmony Energy has developed 14 sites, including the multi-award-winning Pillswood project in East Yorkshire. Harmony’s portfolio includes the three largest BESS in Europe (by MWh).

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. 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.

-Ends-

Notes to editors:

For further information and photography please contact:

Ellie James
T: 0117 311 0241
[email protected]

    About Triodos Bank  

    Founded in 1980, Triodos Bank has become a frontrunner in sustainable banking globally. As an independent bank that promotes responsible and transparent banking, it does not see any conflict between a focus on people and the planet and a good financial return. Instead it believes that they reinforce each other in the long-term.   

      Triodos Bank has banking activities in the Netherlands, Belgium, the UK, Spain and Germany as well as Investment Management activities based in the Netherlands but active globally. Triodos Bank co-founded the Global Alliance for Banking on Values (GABV), a network of sustainable banks. Together these banks want to grow sustainable banking and its impact on the real economy substantially.  

      About Harmony Energy

      Founded in 2010, Harmony Energy is one of the UK’s leading developers, owners and operators of utility-scale battery energy storage, operating over 1GWh in the UK today with a further European pipeline of over 11GW.

      Triodos Bank UK Ltd is a wholly owned subsidiary of Triodos Bank NV. Registered Office: Deanery Road, Bristol, BS1 5AS. Registered in England and Wales Company No. 11379025. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 817008. VAT reg no 793493383.