Harmony Energy Income Trust PLC on Monday announced it extended its credit facility as it told investors two recently acquired projects are now entering construction.

The trust, an investment company that invests in commercial scale energy storage and renewable energy, amended an initial facility with NatWest Group PLC and Rabobank giving it access to an additional £50 million of debt and taking the total facility to £110 million.

In addition, Harmony, NatWest and Rabobank agreed a revolving credit facility of £20 million. The facility will only be used upon meeting certain construction milestones, and Harmony does not expect it to be fully drawn until at least the fourth quarter, if at all.

At this point, Harmony expects to have eight projects in operation with total capacity of around 400 megawatts, or 800 megawatt hours.

The trust also signed a battery energy storage systems and maintenance contract for the Wormald Green and Hawthorn Pit projects with Envision Energy and appointed a contractor in relation to construction at the two projects.

In addition to the Pillswood project which is fully operational, the company now has a total of seven projects under construction with total capacity of around 300 MW/600 MWh with target commercial operations dates between the first quarter of 2023 and second quarter of 2024.

Shares in Harmony Energy Income Trust closed up 0.4% at 120.75 pence in London on Monday.

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