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QuotedData’s morning briefing 17 October 2023 – HEIT, BBOX

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In QuotedData’s morning briefing 17 October:

  • Harmony Energy Income Trust (HEIT) announced the successful energisation of two BESS projects: the 198 MWh / 99 MW Bumpers project, located in Buckinghamshire; and the 99 MWh / 49.5 MW Little Raith Project in Fife, Scotland. Both projects were energised ahead of schedule and take the company’s total operational capacity to 555 MWh / 277.5 MW, which means that the portfolio is c.70% operational based on total capacity. The Bumpers project becomes the company’s largest BESS project, and the largest in Europe (by MWh), being 2 MWh larger in capacity than the company’s Pillswood project. HEIT now owns two of the three largest operational BESS assets in Europe (by MWh).
  • Tritax Big Box REIT (BBOX) has signed a £500m sustainability-linked unsecured revolving credit facility (RCF) with a syndicate of existing banks and new lenders (comprising ABN AMRO BANK, Bank of China, Barclays, BNP Paribas, China Construction Bank Corporation, JPMorgan Chase Bank, Santander, SMBC Bank International and The Royal Bank of Scotland). The new RCF has an initial five-year term, which may be extended to a maximum of seven years, and contains an uncommitted £200m accordion option. The RCF is being used to refinance the company’s existing £450m RCF, which was due to mature in December 2024, and retains the same pricing with an opening margin of 120 basis points (over LIBOR). The new RCF will be used to support future investment and development activities. It incorporates four sustainability-linked performance KPIs that specify that any new developments should have a minimum BREEAM certification, a reduction in embodied carbon and a minimum biodiversity net gain within the development footprint. It also specifies that EPC ratings should be improved across the investment portfolio. The company has the opportunity to improve the margin, subject to performance against these KPIs. Following the refinancing, the average debt maturity across the company’s loan arrangements extends from 4.6 years to 5.4 years, with 95% of drawn debt either fixed or hedged. The company has more than £450m of available liquidity.

We also have an annual report from Seraphim Space Investment Trust and an update from Digital 9 Infrastructure.

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