Two London-quoted investment funds were today separately celebrating new power assets joining their portfolios.
Harmony Energy Income Trust, which invests in UK battery energy storage, announced its 11 MW / 22 MWh Broadditch project in Kent has now been successfully switched on.
The device close to the A2 near Gravesend is due to be in full operation this month.
As Harmony’s second grid-scale storage device to be energised, Broadditch takes the trust’s total working capacity to 109MW/218 MWh.
Tesla oversaw construction of the project for developers Harmony Energy.
Autobidder, Tesla’s algorithmic trading platform, will host Broadditch’s operations and monetisation, as it also has since November for Europe’s biggest network scale battery, Harmony’s Pillswood 98MW/196MWh project, pictured, near Hull.
The investors today paid tribute to Autobidder’s strong track record over two years in operating its Holes Bay and Contego projects, two ventures also developed by Harmony Energy, with partners.
Meanwhile Downing Renewables & Infrastructure Trust announced they’d paid £5.1 million for two hydropower plants in Sweden, bringing the trust’s stock of dams in the country to 28.
The first acquisition is a c. 2.5 GWh recently renovated 107 year old plant at Högforsen, on the Gillerån river. The second is a c. 6 GWh hydropower plant in the municipality of Gottne, located on the Moälven river. Transfer of title on the second deal is due to be completed this month.
The acquisitions bring annual output from Downing’s managed Swedish hydropower plants to an average of 197 GWh.
Tom Williams, the trust’s head of energy & infrastructure said: “We are excited not only by the potential of these two attractive acquisitions but also the other well advanced projects in our near term pipeline.
“Hydropower is a crucial source of renewable power in the energy transition thanks to its storable quality which helps reduce price volatility and maximises the value of the energy stored for both end users and our investors”.