Scheme document published for the £200 million recommended cash acquisition of Harmony Energy Income by Drax Group
April 2025
Harmony Energy Income Trust is an LSE Main Market listed company is one of the UK’s leading developers, owners and operators of utility-scale battery energy storage. They also have experience developing, building and operating wind and solar projects, both independently and in partnership with others and has recently expanded to France, New Zealand, Poland and Germany.
Drax Group is also an LSE Main Market listed renewable energy company engaged in renewable power generation, the production of sustainable biomass and the sale of renewable electricity to businesses.
Drax operates a generation portfolio of sustainable biomass, hydro-electric and pumped hydro storage assets across four sites in England and Scotland. It is the UK’s largest source of renewable electricity. The company also operates a global bioenergy supply business with manufacturing facilities at 13 sites in the United States and Canada, producing compressed wood pellets for its own use and for customers in Europe and Asia.
On 25th March 2025, the board of directors of each of Drax BESS Holdco Limited (a wholly-owned subsidiary undertaking of Drax Group) and Harmony Energy announced that they had reached agreement on the terms of a recommended cash acquisition pursuant to which Drax Bidco, a wholly-owned subsidiary undertaking of Drax, will acquire the entire issued ordinary share capital of Harmony.
Publication of the Scheme Document
Having helped Harmony Energy with the production of their admission document when they floated on Specialist Fund Segment of the Main Market of the LSE in November 2021, which led to further help with the design and production of their inaugural annual report, the Perivan shareholder communications team was delighted to work with Gowling who acted as Legal Adviser on the Scheme and associated ancillary documents, which were successfully published and posted to qualifying shareholders on 15th April, 2025.
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Perivan specialise in producing and publishing financial documents relating to shareholder and investor communications for quoted companies and are a market leader for the production of documentation relating to Mergers & Acquisitions.