Harmony Energy Income Trust
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Harmony Energy Income Trust (HEIT) investor relations material

Harmony Energy Income Trust has been acquired

Harmony Energy Income Trust H2 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2024 earnings summary27 Feb, 2025

Executive summary

  • Achieved full operational status with a 40% increase in portfolio capacity year-over-year, now the second largest GB BESS portfolio by megawatt and the largest with exclusive two-hour duration.

  • Final projects (Hawthorn Pit, Wormald Green, Rusholme) energized, overcoming DNO-led delays, and diversified battery supply chain.

  • Ongoing negotiations for a potential portfolio sale, with exclusivity extended and a continuation vote triggered due to NAV criteria.

Financial highlights

  • Revenues remained relatively low over the period but showed strong improvement post year-end, with 63% of prior full-year revenue already earned in Q1 2024/2025.

  • Record 176 negative pricing hours in 2024, up 65% year-over-year, driving battery revenue opportunities.

  • Two-hour duration batteries continue to outperform shorter duration peers, with the performance gap widening.

Outlook and guidance

  • Revenue and cost projections have stabilized; fundamentals remain strong due to increased renewable penetration and electrification trends.

  • Guidance for a covered dividend of around GBP 0.04 per share in 2024/2025, subject to revenue performance and not yet official.

  • Dividend policy targets payout of at least 85% of cash flow, with dynamic adjustments based on revenue volatility and debt repayment needs.

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Frequently asked questions

Harmony Energy Income Trust plc is a United Kingdom-based investment company focusing on the investment in commercial-scale energy storage and renewable energy generation projects. It primarily invests in a diversified portfolio of battery energy storage systems (BESS) located in Great Britain. The company aims to deliver an attractive and sustainable level of income returns to its investors, alongside the potential for capital growth. This is achieved through investments in operational, under-construction, or shovel-ready projects, and it may also extend development finance to pipeline projects. The company is headquartered in London, United Kingdom, and its shares are listed on the London Stock Exchange .