Battery storage developer Harmony Energy is a frontrunner in the sector, with a portfolio of more than 516MW of operational battery energy storage systems (BESS) capacity and an additional 268MW under construction. The company owns a global pipeline of over 11GW, underscoring its commitment to advancing clean energy solutions worldwide. Notably, just one single MWh can power approximately 2,000 UK homes for an hour, highlighting the significant impact of their projects.

Now, Harmony Energy has secured new financing from Triodos for its expansion and development across Europe. The credit facility will enable Harmony Energy's mission to accelerate the deployment of utility-scale, solar farms, and wind assets.

The investment marks a significant milestone, representing Triodos Bank’s first standalone loan to the energy storage sector in the UK. While the bank has a longstanding history of financing renewable energy projects, this collaboration signifies a focus on supporting innovative technologies that contribute to the transition to a low-carbon economy.

The value of co-locating battery storage projects with renewable energy sites offers significant cost reductions and benefits to consumers in the long term, ultimately contributing to the decarbonisation of the grid.

“Flexible technologies, like batteries, form a key part of the UK’s energy system transition to net zero”, explains Chris Cullen, senior relationship manager at Triodos Bank UK. “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.”

Harmony Energy's projects prioritise environmental stewardship and community engagement, implementing biodiversity initiatives, community funds, and cutting-edge technology to support local ecosystems and residents. This holistic approach highlights the company's dedication to fostering relationships between nature, communities, and renewable energy infrastructures.

Peter Kavanagh, CEO at Harmony Energy, adds: “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.”

This collaboration underscores the crucial role of energy storage projects, alongside wind and solar farms and other forms of energy generation, in reducing electricity system costs and ensuring flexibility in the UK's clean energy system.