Foresight Energy Infrastructure Partners II (FEIP II), managed by Foresight Group LLP, has acquired a 49% stake in Harmony Energy Income Trust (HEIT), with Blackmead Infrastructure—also part of Foresight’s portfolio—taking the remaining 51%. The deal takes HEIT private and brings under one ownership the UK’s largest operational portfolio of two-hour Battery Energy Storage Systems (BESS).

This portfolio includes eight fully operational, grid-connected battery assets located across England and Scotland. Together, they offer approximately 400 MW of power capacity and 800 MWh of stored energy.

The all-cash deal values HEIT at around £209.9 million (≈ $278 million), representing a 5% premium over a competing bid by Drax. Following Foresight’s offer of 92.4 pence per share, HEIT withdrew its recommendation of Drax’s proposal, and the UK Takeover Panel subsequently canceled a scheduled auction.

Richard Thompson, co-manager at FEIP II, noted that the acquisition marks a key milestone in the firm’s mission to accelerate the low-carbon energy transition through high-quality, revenue-generating infrastructure. He emphasized that large-scale, dispatchable battery storage is essential to support renewables and stabilize the electrical grid.

This move not only strengthens Foresight’s position in the UK but also forms a strategic base for its expansion into continental Europe. FEIP II has expressed intentions to build a pan-European battery storage platform, targeting growth markets in Germany, Italy, Spain, and the Nordics.