Harmony Energy will continue to operate as an independent company under its own brand. Image: Harmony Energy Income Trust.

Switzerland-headquartered power firm Alpiq will acquire a 90% stake in UK-based BESS developer-operator Harmony Energy.

The acquisition of Harmony Energy, which operates across Europe, adds its development platform and multi-gigawatt pipeline of battery energy storage system (BESS) projects to Alpiq’s flexibility offering.

This brings about 400MW of under-construction assets into Alpiq’s portfolio. According to the announcement, because of the size of the acquisition target’s pipeline, it may continue to divest projects and assets to third-party investors as it has done before.

Harmony will continue to operate as an independent company under its own brand. Peter Kavanagh, the company’s co-founder, will stay on as CEO and retain a 10% shareholding.

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