Harmony Energy Income Trust PLC Announces Its Ł210 Million Initial Public Offering And Admission To Trading On The Specialist Fund Segment Of The London Stock Exchange PLC's Main Market

Harmony Energy Income Trust plc

We advised Harmony Energy Income Trust PLC on its Initial Public Offering on the Main Market of London Stock Exchange, raising gross proceeds of Ł186.5 million through a placing and offer for subscription and issuing c. 23.5 million ordinary shares in connection with the acquisition of a seed portfolio of battery energy storage projects.

This transaction brought together Fasken London's experience in UK equity capital markets, including advising on 5 new admissions to the London Stock Exchange's markets in 2021, with our extensive track record in battery energy storage and renewable energy projects.

By absorbing excess renewable power during times of oversupply and putting it back onto the system during times of undersupply, battery energy storage systems maximise the use of renewable power produced as well as helping to balance electricity supply with demand.

The Fasken team comprised Guy Winter, Laura Bradley, Chloe Gill-Braun, Yanal Abul Failat, Lolu Koleowu, Lucinda Patrick-Patel and Carlie Marrows.

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