Our Financial Services & Capital Markets team has advised Harmony Energy Income Trust plc (HEIT), the UK-listed investment trust specialising in commercial-scale, two-hour battery energy storage systems (BESS), on its £210 million recommended contested takeover by funds managed by Foresight Group LLP (Foresight).

The transaction, implemented via a court-sanctioned scheme of arrangement, followed a competitive process. When Foresight made an initial proposal at 84 pence per share, HEIT was in the final stages of negotiations with Drax Group plc (Drax) in relation to the sale of its entire portfolio as the preferred bidder in an asset sale process that had attracted strong interest from multiple bidders looking to acquire some or all of HEIT's BESS projects, totalling 790.8 MWh / 395.4 MW. This was followed by a firm offer from Drax at 88 pence per share, which was subsequently bettered by Foresight with an improved firm offer of 92.4 pence per share which was ultimately recommended by the HEIT board.

The scheme received shareholder approval in May 2025 and became effective on 17 June, marking a successful outcome for HEIT shareholders.

Partner Kristian Rogers and Principal Associate Emily Airton led the deal, supported by Corporate Associates Oratile Jonas and Jack Qualtrough and trainee solicitor Gurcharan Kaur. Tax input was provided by Partner Paul Shaw and Associate Natalie Poole.

The Financial Services & Capital Markets team is one of the leading advisers to the investment funds sector, and brings together a wealth of talent covering tax, corporate, finance, funds, regulatory and capital markets.

Gowling WLG's multi-disciplinary Energy Transition team has an international, market-leading reputation and this deal is another example of the team's standing in the energy sector. Other examples of the teams work include advising the founders of Island Green Power on the sale of their remaining interest to Macquarie Asset Management, Atrato Onsite Energy plc on the disposal of its portfolio of solar assets for c.£219 million to a joint venture owned by a global investment firm, and Brockwell Holdings on its acquisition of London-based renewable energy developer, RNA-Energy Ltd.