London, 9 July 2025 – Foresight Energy Infrastructure Partners II S.C.Sp (“FEIP II”), the flagship energy transition fund managed by Foresight Group LLP, is pleased to announce the successful acquisition of a 49% shareholding in Harmony Energy Income Trust plc (“HEIT”), alongside Foresight portfolio company, Blackmead Infrastructure Limited, which acquired the remaining 51%. The transaction takes HEIT private and secures ownership of the UK’s largest operational two-hour duration Battery Energy Storage System (“BESS”) portfolio. Comprising of eight fully operational, grid-connected BESS assets located across England and Scotland, the portfolio provides a total capacity of c.400MW/800MWh.

As Europe accelerates its transition to a low-carbon energy system, battery storage is playing an increasingly critical role in decarbonisation and grid stability. The portfolio aligns with FEIP II’s sustainability objectives, delivering significant decarbonisation by displacing fossil fuel generation during peak demand periods and enhancing the overall efficiency of grid operations.

The acquisition reinforces FEIP II’s position as a leading investor in infrastructure supporting the energy transition. FEIP II is actively looking at developing a pan-European battery storage platform. This transaction underpins that strategy by providing a high-quality yielding portfolio in one of Europe’s most mature storage markets, which will support growth investments in other attractive BESS markets expected to become mature in the near future, which includes Germany, Italy, Spain, and the Nordics.

Richard Thompson, Co-Manager, Foresight Energy Infrastructure Partners, comments: “This acquisition represents a significant milestone for FEIP II and further underscores our commitment to accelerating the energy transition through high-quality, revenue-generating infrastructure. Battery storage is critical to enabling a renewables-led power system, and this portfolio offers immediate scale, strong economics, and proven performance.”

* As of February 2025. Modo indicated that the largest operational portfolios in the UK were Gresham House Energy Storage Fund (“GHESF”) and Harmony Energy Income Trust (“HEIT”) (https://modoenergy.com/research/listed-battery-funds-share-price-nav-revenue-long-duration-forecast-energy-storage-gb-february-2025-gresham-gore-street-harmony-gsf-grid-heit). GHESF annual report for the year ended 31 December 2024 notes that 355MW of operational capacity at the time, out of a total of 945MW, is of 2 hours or more. A subsequent trading update indicated no further increases to capacity as of March 2025.

ENDS

Media Contact:
Weronika Slomka, H/Advisors Maitland

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