Energy trust IPO raises £186.5m for Tesla powered battery plan
Harmony Energy Income Trust has raised £186.5m through an initial public offering (IPO) to develop large-scale battery energy storage systems across the UK.
The systems will be powered by Tesla technology.
It has issued 210 million ordinary shares at a price of £1 each, alongside 23.5 million ordinary shares for the acquisition of its seed portfolio.
The target dividend yield is eight per cent per annum.
The trust has initially purchased five projects with a 213.5MW capacity from Harmony Energy.
The UK is pushing to reach net zero carbon emissions by 2050, making battery energy storage systems increasingly appealing.
Norman Crighton, chairman of the company, said: “Raising £186.5 million at launch demonstrates that there is significant appetite for the asset class and Harmony Energy Income Trust’s strategy.”