International law firm CMS has advised Harmony Energy Income Trust plc (the “Company”), an externally managed company that invests in energy storage assets in Great Britain, in relation to a £60,000,000 portfolio finance facility with NatWest plc entered into with a wholly owned subsidiary of the Company. The five-year facility includes an uncommitted accordion which could increase the total amount borrowed up to £130,000,000 over time.
The primary purpose of the facility is to support the acquisition and construction of the Company's first pipeline project (a 99 MW / 198 MWh project located in Buckinghamshire known as "Bumpers"), and the facility will be allocated and secured across all projects currently owned by the Company.
Norman Crighton, Chair of Harmony Energy Income Trust plc, said: "The securing of this £60m debt facility is yet another positive step by the Company and the management team during a very active period since IPO. NatWest is an experienced lender in this sector and has worked proactively with us to design a debt package which supports the Company's objectives."
The CMS team was led by Energy Finance partner Nicholas Ross-McCall, supported by Energy partners Louise Dalton and Philip Duffield. Nick Ross-McCall comments “We are delighted to have assisted Harmony in securing debt for some of its growing portfolio of UK battery storage assets, further evidencing our team’s ability to efficiently close out significant transactions in this fast growing and evolving sector”.
