Harmony Energy Income Trust, which invests in battery energy storage assets in Britain, today unveiled its first portfolio project of 196 MWh in Pillswood, East Yorkshire – which uses Tesla technology to store energy.
The Pillswood project employs Tesla 2-hour Megapack technology systems and has the capacity to store up to 196 MWh of electricity in a single cycle – the equivalent capacity to power around 300,000 UK homes for two hours.
The project, developed by Harmony Energy Limited and managed by Tesla, is set to boost the UK in replacing coal and gas power stations with renewable power sources.
The facility, which has been delivered ahead of schedule, was initially intended to become fully operational by March 2023.
London-listed Harmony, based in Yorkshire, has also been given the green light to build New Zealand’s largest solar farm in Waikato on the upper North island, which will generate enough energy to power 30,000 homes.
“Battery energy storage systems are essential to unlocking the full potential of renewable energy in the UK,” director of Harmony Energy Advisors, Peter Kavanagh, said in a statement.
“These projects are not supported by taxpayer subsidy yet can offer shareholders attractive returns in a variety of market conditions.”
Harmony Energy Income Trust has five battery energy storage systems currently under construction, which are all expected to be up and running by October next year.
