Source - Alliance News

Harmony Energy Income Trust PLC on Thursday said its net asset value was up, posting its first annual results, and that it continued to increase post-year-end.

The Great Britain-focused investor in commercial-scale battery energy storage systems said its NAV per share on October 31 was 122.70 pence, up 25% from 98.34p a year earlier.

It said the NAV per share continued to rise post-period end to 125.50p as of January 31.

Shares in Harmony Energy closed flat at 123.00p each in London on Thursday.

Harmony Energy posted its first annual results on Thursday, covering the period from incorporation on October 1, 2021 to October 31, 2022.

It also declared a second dividend of 1.00p per share in December, maintaining the level of its maiden dividend in July.

This is alongside securing a debt finance facility of up to £60 million from NatWest Group PLC, with an accordion for a further £70 million, to facilitate the acquisition and construction of Harmony Energy’s first pipeline project.

Looking ahead, it said construction of the company‘s portfolio remains on track with an additional 214.5 megawatt / 429 megawatt hour expected to become operational before the end of 2023, with the balance of the current portfolio coming online in 2024.

It said it remains on track to meet its target returns of paying an 8.00p per share for its financial 2023, paid quarterly commencing in March 2023.

‘The company has had a productive first full year as a listed company, with multiple battery energy storage systems project acquisitions and strong NAV growth,’ said Chair Norman Crighton.

‘We are pleased to be enabling the transition to an environmentally, financially and socially sustainable energy system whilst delivering attractive and sustainable returns to shareholders.’

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