HARMONY ENERGY INCOME TRUST PLC

Capital/Financing Update • Jun 22, 2022

National Storage Mechanism | Additional information

RNS Number : 6965P

Harmony Energy Income Trust PLC

22 June 2022

22 June 2022

Harmony Energy Income Trust plc

(the "Company")

Debt Facility

Harmony Energy Income Trust plc, an externally managed company that invests in energy storage assets in Great Britain, is pleased to announce that it has successfully agreed a debt facility of £60m with NatWest plc (the "Facility") through a wholly owned subsidiary of the Company.

The Facility comprises a five-year £60m facility with an initial margin of 300bps over SONIA, rising over time to a maximum of 375bps by year five.  The facility is "interest-only" for the first three years.  The Facility also provides for an uncommitted accordion which could increase the total amount borrowed up to £130m 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"), although the Company has discretion to allocate the funds to an alternative pipeline project (or projects) if desirable.  The Facility will be allocated and secured across all projects currently owned by the Company (as well as the relevant pipeline project(s), once acquired). 

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."

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For further information, please contact:

Harmony Energy Advisors Limited Paul Mason Max Slade Peter Kavanagh James Ritchie info@harmonyenergy.co.uk
Berenberg Gillian Martin Ben Wright Ciaran Walsh Dan Gee-Summons	+44 (0)20 3207 7800
Camarco Eddie Livingstone-Learmonth Georgia Edmonds	+44 (0)20 3757 4980
JTC (UK) Limited Christopher Gibbons Harmony.CoSec@jtcgroup.com	+44 (0)20 3846 9774

LEI: 254900O3XI3CJNTKR453

About Harmony Energy Advisors Limited

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 Great Britain for over six years, both from the point of view of asset owner/developer and in a third-party advisory capacity.

IMPORTANT LEGAL INFORMATION

This announcement does not constitute an offer to sell or the solicitation of an offer to acquire or subscribe for shares in the Company in any jurisdiction. This distribution of this announcement outside the UK may be restricted by law. No action has been taken by the Company that would permit possession of this announcement in any jurisdiction outside the UK where action for that purpose is required. Persons outside the UK who come into possession of this announcement should inform themselves about the distribution of this announcement in their particular jurisdiction.

This announcement contains (or may contain) certain forward looking statements with respect to certain of the Company's plans and/or the plans of one or more of its investee companies and their respective current goals and expectations relating to their respective future financial condition and performance and which involve a number of risks and uncertainties. This Company cautions readers that no forward-looking statement is a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statements.

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