Executive Summary:
On March 17, 2025, Harmony Energy Income Trust plc (HEIT) and Foresight Group LLP (Foresight) made a joint statement regarding a possible cash offer for HEIT by Foresight.
This development follows our February analysis of Great Britain's listed battery funds, where we examined the evolution of the listed structure for battery storage ownership.
In this report you will find:
- An update on the details of the announcement
- Historic NAV and share pricing data analysis
- The evolution of battery energy storage systems as an infrastructure investment
- Why HEIT’s portfolio is valued higher than building new battery systems from scratch
- What this means for the wider sector
Note: This article is for informative purposes and does not constitute financial advice or recommendation.
The terms of the possible cash offer
Under the proposed terms, HEIT shareholders would receive 84p per share in cash, valuing HEIT’s ordinary share capital at approximately £190.8 million.
The offer represents a 29% premium to HEIT’s closing share price of 65p on March 14, 2025 and a 76% premium to the pre-asset sale announcement price of 48p in May 2024.