20 February 2025
Harmony Energy Income Trust
plc
(the "Company" or "HEIT")
Further Update Re Asset Sale
Process and Notice of Results
Harmony Energy Income Trust plc,
which invests in battery energy storage system assets in Great
Britain, is pleased to announce an update on its asset sale
process.
The Company announced on 30 April
2024 that it had engaged Jones Lang LaSalle with a mandate to seek
offers for some or all of the Company's assets. On 18 October 2024,
HEIT announced that it had been encouraged by the level of interest
and non-binding offers received from various parties relating to
both individual assets, as well as the full portfolio.
Subsequently, on 19 December 2024, the Company announced that it
was progressing to a final stage of negotiations with a preferred
bidder on an exclusive basis and in relation to the Company's full
portfolio of assets.
The Company today announces that it
continues with negotiations and the satisfaction of the preferred
bidder's substantial due diligence requirements. Despite the delay
to the process, both parties continue to progress towards
conclusion of a definitive agreement as soon as possible and the
Company's exclusivity agreement with the preferred bidder has been
extended to 10th March 2025.
There remains no certainty as to
whether the sale will proceed, nor the terms of any sale. The
completion of any sale of the Company's portfolio will also be
conditional upon Shareholder approval.
The Company expects to publish its
annual report and accounts for the year ended 31 October 2024 on 26
February 2025 and its Net Asset Value as at 31 January 2025 on 27
February 2025.
END
For further information, please
contact:
|
Harmony Energy Advisors Limited (the "IA")
Paul Mason
Max Slade
Peter Kavanagh
James Ritchie
info@harmonyenergy.co.uk
|
|
|
Panmure Liberum Ltd
Chris Clarke
Darren Vickers
Will King
|
+44 (0)20 3100 2222
|
|
Stifel Nicolaus Europe Limited
Mark Young
Edward Gibson-Watt
Rajpal Padam
Madison Kominski
|
+44 (0)20 7710 7600
|
|
Camarco
Eddie
Livingstone-Learmonth
Andrew Turner
|
+44 (0)20 3757 4980
|
|
JTC
(UK) Limited
Uloma
Adighibe
Harmony.CoSec@jtcgroup.com
|
+44 (0)20 3832 3877
|
LEI: 254900O3XI3CJNTKR453
About Harmony Energy Advisors Limited (the "Investment
Adviser")
The Investment Adviser is a wholly
owned subsidiary of Harmony Energy Limited.
The management team of the
Investment Adviser have been exclusively focussed on the energy
storage sector (across multiple projects) in GB for over seven
years, both from the point of view of asset owner/developer and in
a third-party advisory capacity. The Investment Adviser is an
appointed representative of Laven Advisors LLP, which is authorised
and regulated by the Financial Conduct Authority.
