Ashurst advises Foresight on proposed acquisition of Harmony Energy Income Trust plc
17 March 2025
Global law firm Ashurst is advising Foresight Group LLP on the possible cash offer by one or more funds managed by Foresight Group LLP and its affiliates (Foresight) for Harmony Energy Income Trust plc (HEIT).
HEIT is a UK-based investment trust, investing in a diversified portfolio of utility-scale energy storage and renewable energy generation assets in Great Britain. HEIT primarily focuses on battery energy storage systems (BESS), which play a crucial role in the transition to a cleaner energy system.
Foresight is a leading investment manager in real assets and providing capital for growth with extensive experience of investing in energy transition, renewables and infrastructure projects, and is an experienced and knowledgeable investor in UK battery storage assets.
Under the terms of the possible cash offer, HEIT shareholders would be entitled to receive 84.0 pence per share. The possible cash offer values the ordinary share capital of HEIT at £190.8 million.
The Ashurst team is being led by partners James Fletcher, Harry Thimont and Gaby Jones. The wider team includes senior associates Louise Chan and Colin Bugler, and associates Michael Choi, Rebekah Oakes, Emilia Howard and Marisa Muramatsu. Partner Nick Goddard is leading on investment funds matters, supported by associates Alex Hutchinson and Samantha Hedley.
