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ESG

ESG

ESG Policy

As a renewables infrastructure company, the Company believes in the fundamental link between sound Environmental, Social and Governance (“ESG”) and achieving good long-term performance in the Company’s business objectives. Furthermore, whilst identifying, measuring and managing ESG considerations can assist in the financial performance of the Company, the Board, the AIFM and the Investment Adviser believe that it is incumbent on listed companies such as the Company to seek to promote and facilitate change for the better across a number of areas where it is feasible to do so. The Company, together with the AIFM and the Investment Adviser, have identified a number of key principles to be embedded into the Company’s ESG policy.

Governance

At the Company level, the Company has a board of five independent non-executive directors of whom 40 per cent. are female. The Board is committed to diversity and the recommendations of the Hampton Alexander Review of female representation and gender imbalance on FTSE 350 boards (now called the FTSE Women Leaders Review) and the Parker Review into the ethnic diversity of UK boards. The Board will seek to implement high standards of corporate governance in accordance with the AIC Code.

The Board also recognises the importance of sound governance within the Harmony Group and the Board, the AIFM and the Investment Adviser have agreed that the Harmony Group will ensure that high standards of risk and compliance shall be maintained together with a commitment to sustainability with regard to investments and applying best practice industry standards. The Investment Adviser is committed to robust Health and Safety Standards and transparent reporting to the Board and the AIFM respectively.

The Board has established an ESG Committee to develop and monitor the Company’s ESG policy, together with the ESG performance of the Investment Adviser. Further details on the ESG Committee are set out in paragraph 2 of Part 4 (Directors, Management and Administration) of the Company’s Prospectus.

Environment

As a Company which invests in assets which are fundamental to the operation of the renewable energy sector as a whole, the Board, the AIFM and the Investment Adviser believe that the Company is well-placed to assist in the drive for positive environmental change to help tackle climate change and the challenges which this poses.

The Company’s primary focus in investing in utility scale energy storage projects will help facilitate increased use of renewable energy sources which by their nature are more volatile in supplying energy than traditional energy generation methods such as fossil fuels and nuclear power. An increased reliance on renewable energy sources is only possible, in part, due to solutions such as energy storage assets which can act to balance increasingly volatile supply and demand in the electricity system. The assets in which the Company will invest help deliver energy at the point of use.

As part of the Investment Process and management of the assets, in its recommendation to the AIFM, the Investment Adviser will analyse and monitor the projects in which the Company invests to seek to ensure maximum optimisation of the environmental benefits of each project and minimisation of any environmental risks.

As Tesla has been engaged to act as Supplier, EPC Contractor, O&M operator and Revenue Optimiser in respect of the Seed Portfolio, the Company, the AIFM and the Investment Adviser see strong underpinning of the Company’s approach through Tesla’s own ESG approach as a world-leading supplier.

At the end of each battery life (expected to be 15 years), it is anticipated that Tesla will fully recycle the battery parts / modules which can then be repurposed into new battery or alternative uses. Tesla’s 2020 impact report states that from each 1MWh of end of life batteries, 0.92 MWh worth of raw materials can be recovered.

The Investment Adviser will continue to monitor Tesla’s ESG performance, or that of any other supplier of batteries which the Investment Adviser may advise the Company to appoint in the future.

UN Sustainable Development Goals (“UN SDGs”)

The Board, the AIFM and the Investment Adviser acknowledge the importance of the UN SDGs in providing a framework to promote and drive change and improvements globally. The Board, the AIFM and the Investment Adviser recognise that the Company and the Investment Adviser have a part to play in this drive and have identified the key UN SDGs where the Company can make a positive contribution:


The content of this publication has not been approved by the United Nations and does not reflect the views of the United Nations or its officials or Member States.

Social

The Board, the AIFM and the Investment Adviser place great importance on positive societal benefits from the Company’s activities and investments. The Investment Adviser will place strong focus on supporting supply chains through:

  • Responsible procurement;
  • Traceability of supply;
  • Creating employment; and
  • Promoting and enabling sustainable communities.

The Investment Adviser will analyse key social metrics regarding the development and implementation of projects to ensure that positive social benefits are present from the procurement stage of a project through implementation and operation and decommissioning in its recommendations to the AIFM. Examples of Harmony Group’s past and ongoing social initiatives include:

  • Annual donations to selected local Parish Councils to support their own community projects;
  • Commitments to planting for nature and wildflower conservation, including hedgerow planting on the site of Harmony Energy’s recently-constructed Contego project; and
  • Seeking to promote biodiversity and local ecology on all future projects, where possible given the physical characateristics of the relevant site.

Transparency and reporting

The Company, the AIFM and the Investment Adviser are committed to providing transparent reporting on its approach to ESG and will seek to roll out its framework for ESG reporting following Admission with the identification of and reporting on key performance indicators (“KPIs”) to monitor, assess and benchmark performance. The KPIs which the Company expects to report against include, but are not limited to, the following:

Environmental key reporting metrics

  • Total energy consumed and distributed;
  • Carbon Intensity of energy consumed and distributed including gross scope 1 and scope 2 greenhouse gas emissions; and
  • Intensity Ratio of greenhouse gas emissions per MW battery capacity.

Social key reporting metrics

  • Total direct and indirect economic contributions to the local community in close proximity to the Company’s sites;
  • Lost time injury rate (per 1 million or 200,000 hours worked);
  • Supply chain:
    • percentage of suppliers that have signed supplier code of conduct; and
    • percentage of suppliers audited annually.

Governance key reporting metrics

  • Number of and attendance at Board and Committee meetings; and
  • Gender and ethnicity diversity across the Board.

United Nations Principles for Responsible Investment (UN PRI)

The Company, the AIFM and the Investment Adviser are committed to providing transparent reporting on its approach to ESG and will roll out its framework for ESG reporting following Admission with the identification of and reporting on key performance indicators to monitor, assess and benchmark performance. We are now a signatory to the UN PRI, joining more than 4,000 other organisations around the world that have demonstrated their commitment to responsible investment.

Green Economy Mark

The Company qualified for the London Stock Exchange’s Green Economy Mark upon Admission, which recognises companies that derive 50 per cent. or more of their total annual revenues from products and services that contribute to the global green economy.

Disclaimer

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The information contained in this section of the Company’s website is restricted and is not for release, publication or distribution, directly or indirectly, in whole or in part in, into or from the United States (including its territories and possessions, any state of the United States and the District of Columbia, collectively the “United States”), Australia, Canada, the Republic of South Africa, Japan any member state of the European Economic Area (the “EEA“) or any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.”

The information to which this gatepost gives access is exclusively intended for persons who are not residents of, and who are not physically present in, the United States, Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA. This information does not constitute or form a part of an offer to sell or issue, or the solicitation of an offer to buy, acquire or subscribe for any securities of Harmony Energy Income Trust plc (the “Company”) in the United States, Australia, Canada, the Republic of South Africa, Japan, any member state of the EEA or in any other jurisdiction in which such offer or invitation is restricted or not authorised or to any person to whom it is unlawful to make such offer or solicitation (each a “Restricted Jurisdiction“). Potential users of this information are requested to inform themselves about and to observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of such jurisdictions. The information to which this gatepost gives access does not in any way constitute investment, tax, legal or other advice.

No securities of the Company have been or will be registered under the US Securities Act of 1933, as amended (the “Securities Act“) or under the securities laws of any state or other jurisdiction of the United States and may not be offered, sold or delivered, directly or indirectly, in or into the United States, or to or for the account or benefit of any US person (within the meaning of Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction in the United States. In addition, the Company has not been, and will not be, registered under the United States Investment Company Act of 1940, as amended. There will be no public offer of securities in the United States, Australia, Canada, Japan, the Republic of South Africa or any member state of the EEA or any jurisdiction in which such an offer would constitute violation of the relevant laws or regulations of such jurisdiction.

If you are not permitted to view this website or are in any doubt as to whether you are permitted to view this website, please exit this website immediately by clicking on the “I do not agree” button below. The information to which this gatepost gives access must not be released or otherwise forwarded, distributed or sent, directly or indirectly, in whole or in part, to any Restricted Jurisdiction, or any other jurisdiction where the distribution of such materials would or may breach any applicable law or regulation or would require any registration or licensing within such jurisdiction. Persons receiving the information to which this gatepost gives access (including, without limitation, custodians, nominees and trustees) should observe these restrictions and must not, directly or indirectly, in whole or in part, forward, distribute or send them in, into or from any jurisdiction outside the United Kingdom. None of the Company, JTC Global AIFM Solutions (“AIFM”) or Harmony Energy Advisors Limited (“Investment Adviser”) nor their respective advisers accept any responsibility for any violation by any person of any of these restrictions.

In addition, the securities referred to herein and on the pages that follow may only be offered: (i) in the United Kingdom (“UK“), to the extent that the securities are permitted to be marketed in the UK pursuant to the Alternative Investment Fund Managers Directive (Directive 2011/ (61/EU) (“AIFMD“) as implemented in the UK by UK statutory instruments and by virtue of the European Union (Withdrawal) Act 2018, and in any EEA jurisdiction to the extent that such securities are permitted to be marketed into the relevant EEA jurisdiction pursuant to the AIFMD (and/or any applicable local implementing measures); or (ii) can otherwise be lawfully offered or sold (including on the basis of an unsolicited request from a ‘professional investor’ (as that term is used in the AIFMD)).

Any person accessing the information to which this gatepost gives access in any jurisdiction should inform themselves about and observe any applicable legal requirements in their jurisdiction. Access to this website is for information purposes only. Any person seeking access to this website represents and warrants to the Company, to the AIFM and to the Investment Adviser that they are doing so for information purposes only. Making this website available does not constitute an offer to issue or sell, or the solicitation of an offer to subscribe for or buy, securities in the Company. Further, it does not constitute a recommendation by the Company, the AIFM or the Investment Adviser or any associated company or any other person to subscribe for or buy securities in the Company.

Any person accessing the information to which this gatepost gives access should carefully review the Terms and Conditions of the website. By using the information to which this gatepost gives access, you indicate that you accept the Terms and Conditions and that you agree to abide by them. The Company may change the Terms and Conditions. Such changes will be posted on the website. Your access to the website is governed by the version of the Terms and Conditions then in force. If you do not agree to the Terms and Conditions, please refrain from using this website.

None of the Company, the AIFM or the Investment Adviser or any other person has, or accepts: (i) any responsibility or duty to update any information, document or announcement contained on this website and the Company reserves the right to add to, remove or amend any information available on this website at any time; or (ii) any responsibility in respect of any information contained on any other website which may be linked to or from this website.

Joh. Berenberg, Gossler & Co. KG, acting through its London Branch (“Berenberg“), is authorised by the German Federal Financial Supervisory Authority (BaFin) and in the United Kingdom is deemed authorised under the Temporary Permissions Regime and subject to limited regulation by the FCA. Berenberg is acting solely for the Company and will not be responsible to anyone other than the Company for providing the protections afforded to clients nor for providing advice in relation to the contents of the documents or other information contained on these pages.

Apart from the responsibilities and liabilities which may be imposed on Berenberg by the Financial Services and Markets Act 2000, as amended, or by the regulatory regime established under it, neither Berenberg nor its affiliates accepts any responsibility whatsoever for the contents of the documents or other information contained on these pages or for any other statement made or purported to be made by or on behalf of Berenberg or any of its affiliates in connection with the Company, the Securities or the Offering. Berenberg and its affiliates accordingly disclaim all and any liability whether arising in tort, contract or otherwise (save as referred to above) in respect of any documents, statements or other information contained on these pages and no representation or warranty, express or implied, is made by Berenberg or any of its affiliates as to the accuracy, completeness or sufficiency of the documents or other information contained on these pages.

The release, publication or distribution of the documents or other information contained on these pages may be restricted by law in certain jurisdictions. Persons into whose possession any of the documents or other information contained on these pages come should inform themselves about and observe any such restrictions. Any failure to comply with any such restrictions may constitute a violation of the securities laws or regulations of such jurisdiction.

The documents or other information contained on these pages may not be forwarded or distributed to any other person and may not be reproduced in any manner whatsoever. Any forwarding, reproduction, distribution or disclosure of this information in whole or in part is unauthorised and may result in a violation of the Securities Acts or the applicable laws of other jurisdictions.

Documents or other information contained on these pages, including those related to the Offering and admission of the Company’s securities to trading, include statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements, which may use words such as “aim”, “anticipates”, “believe”, “intend”, “estimate”, “expect” and words of similar meaning, include all matters that are not historical facts. These forward-looking statements involve risks and uncertainties that could cause the actual results of operations, financial condition, liquidity, dividend policy and the development of the industries in which the Company’s businesses operate to differ materially from the impression created by the forward-looking statements. These forward-looking statements speak only as at the date of the document or other information concerned. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements may not occur.

By proceeding to view the materials to which this gatepost gives access, you warrant that you have read and understand the statements above, are located in the United Kingdom, are not located in or accessing this website from the United States, Australia, Canada, the Republic of South Africa or Japan or any other Restricted Jurisdiction, are not a U.S. Person (as defined in Regulation S under the Securities Act) or otherwise resident in the United States or any other Restricted Jurisdiction, you are not investing or otherwise acting for the account or benefit of a US Person or a resident of the United States or any other Restricted Jurisdiction, you are accessing this website for information purposes only and agree that you will not transmit or otherwise send any information contained in this website to any person outside the United Kingdom, including in the United States, Australia, Canada, the Republic of South Africa, Japan any member state of the EEA or any other Restricted Jurisdiction, to any US Person or to publications with a general circulation in the United States.

Disclaimer

The information contained in this section of the Company’s website is restricted and is not for release, publication or distribution, directly or indirectly, in whole or in part in, into or from the United States (including its territories and possessions, any state of the United States and the District of Columbia, collectively the “United States”), Australia, Canada, the Republic of South Africa, Japan any member state of the European Economic Area (the “EEA“) or any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.”

The information to which this gatepost gives access is exclusively intended for persons who are not residents of, and who are not physically present in, the United States, Australia, Canada, the Republic of South Africa, Japan or any member state of the EEA. This information does not constitute or form a part of an offer to sell or issue, or the solicitation of an offer to buy, acquire or subscribe for any securities of Harmony Energy Income Trust plc (the “Company”) in the United States, Australia, Canada, the Republic of South Africa, Japan, any member state of the EEA or in any other jurisdiction in which such offer or invitation is restricted or not authorised or to any person to whom it is unlawful to make such offer or solicitation (each a “Restricted Jurisdiction“). Potential users of this information are requested to inform themselves about and to observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of such jurisdictions. The information to which this gatepost gives access does not in any way constitute investment, tax, legal or other advice.

No securities of the Company have been or will be registered under the US Securities Act of 1933, as amended (the “Securities Act“) or under the securities laws of any state or other jurisdiction of the United States and may not be offered, sold or delivered, directly or indirectly, in or into the United States, or to or for the account or benefit of any US person (within the meaning of Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction in the United States. In addition, the Company has not been, and will not be, registered under the United States Investment Company Act of 1940, as amended. There will be no public offer of securities in the United States, Australia, Canada, Japan, the Republic of South Africa or any member state of the EEA or any jurisdiction in which such an offer would constitute violation of the relevant laws or regulations of such jurisdiction.

If you are not permitted to view this website or are in any doubt as to whether you are permitted to view this website, please exit this website immediately by clicking on the “I do not agree” button below. The information to which this gatepost gives access must not be released or otherwise forwarded, distributed or sent, directly or indirectly, in whole or in part, to any Restricted Jurisdiction, or any other jurisdiction where the distribution of such materials would or may breach any applicable law or regulation or would require any registration or licensing within such jurisdiction. Persons receiving the information to which this gatepost gives access (including, without limitation, custodians, nominees and trustees) should observe these restrictions and must not, directly or indirectly, in whole or in part, forward, distribute or send them in, into or from any jurisdiction outside the United Kingdom. None of the Company, JTC Global AIFM Solutions (“AIFM”) or Harmony Energy Advisors Limited (“Investment Adviser”) nor their respective advisers accept any responsibility for any violation by any person of any of these restrictions.

In addition, the securities referred to herein and on the pages that follow may only be offered: (i) in the United Kingdom (“UK“), to the extent that the securities are permitted to be marketed in the UK pursuant to the Alternative Investment Fund Managers Directive (Directive 2011/ (61/EU) (“AIFMD“) as implemented in the UK by UK statutory instruments and by virtue of the European Union (Withdrawal) Act 2018, and in any EEA jurisdiction to the extent that such securities are permitted to be marketed into the relevant EEA jurisdiction pursuant to the AIFMD (and/or any applicable local implementing measures); or (ii) can otherwise be lawfully offered or sold (including on the basis of an unsolicited request from a ‘professional investor’ (as that term is used in the AIFMD)).

Any person accessing the information to which this gatepost gives access in any jurisdiction should inform themselves about and observe any applicable legal requirements in their jurisdiction. Access to this website is for information purposes only. Any person seeking access to this website represents and warrants to the Company, to the AIFM and to the Investment Adviser that they are doing so for information purposes only. Making this website available does not constitute an offer to issue or sell, or the solicitation of an offer to subscribe for or buy, securities in the Company. Further, it does not constitute a recommendation by the Company, the AIFM or the Investment Adviser or any associated company or any other person to subscribe for or buy securities in the Company.

Any person accessing the information to which this gatepost gives access should carefully review the Terms and Conditions of the website. By using the information to which this gatepost gives access, you indicate that you accept the Terms and Conditions and that you agree to abide by them. The Company may change the Terms and Conditions. Such changes will be posted on the website. Your access to the website is governed by the version of the Terms and Conditions then in force. If you do not agree to the Terms and Conditions, please refrain from using this website.

None of the Company, the AIFM or the Investment Adviser or any other person has, or accepts: (i) any responsibility or duty to update any information, document or announcement contained on this website and the Company reserves the right to add to, remove or amend any information available on this website at any time; or (ii) any responsibility in respect of any information contained on any other website which may be linked to or from this website.

Joh. Berenberg, Gossler & Co. KG, acting through its London Branch (“Berenberg“), is authorised by the German Federal Financial Supervisory Authority (BaFin) and in the United Kingdom is deemed authorised under the Temporary Permissions Regime and subject to limited regulation by the FCA. Berenberg is acting solely for the Company and will not be responsible to anyone other than the Company for providing the protections afforded to clients nor for providing advice in relation to the contents of the documents or other information contained on these pages.

Apart from the responsibilities and liabilities which may be imposed on Berenberg by the Financial Services and Markets Act 2000, as amended, or by the regulatory regime established under it, neither Berenberg nor its affiliates accepts any responsibility whatsoever for the contents of the documents or other information contained on these pages or for any other statement made or purported to be made by or on behalf of Berenberg or any of its affiliates in connection with the Company, the Securities or the Offering. Berenberg and its affiliates accordingly disclaim all and any liability whether arising in tort, contract or otherwise (save as referred to above) in respect of any documents, statements or other information contained on these pages and no representation or warranty, express or implied, is made by Berenberg or any of its affiliates as to the accuracy, completeness or sufficiency of the documents or other information contained on these pages.

The release, publication or distribution of the documents or other information contained on these pages may be restricted by law in certain jurisdictions. Persons into whose possession any of the documents or other information contained on these pages come should inform themselves about and observe any such restrictions. Any failure to comply with any such restrictions may constitute a violation of the securities laws or regulations of such jurisdiction.

The documents or other information contained on these pages may not be forwarded or distributed to any other person and may not be reproduced in any manner whatsoever. Any forwarding, reproduction, distribution or disclosure of this information in whole or in part is unauthorised and may result in a violation of the Securities Acts or the applicable laws of other jurisdictions.

Documents or other information contained on these pages, including those related to the Offering and admission of the Company’s securities to trading, include statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements, which may use words such as “aim”, “anticipates”, “believe”, “intend”, “estimate”, “expect” and words of similar meaning, include all matters that are not historical facts. These forward-looking statements involve risks and uncertainties that could cause the actual results of operations, financial condition, liquidity, dividend policy and the development of the industries in which the Company’s businesses operate to differ materially from the impression created by the forward-looking statements. These forward-looking statements speak only as at the date of the document or other information concerned. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements may not occur.

By proceeding to view the materials to which this gatepost gives access, you warrant that you have read and understand the statements above, are located in the United Kingdom, are not located in or accessing this website from the United States, Australia, Canada, the Republic of South Africa or Japan or any other Restricted Jurisdiction, are not a U.S. Person (as defined in Regulation S under the Securities Act) or otherwise resident in the United States or any other Restricted Jurisdiction, you are not investing or otherwise acting for the account or benefit of a US Person or a resident of the United States or any other Restricted Jurisdiction, you are accessing this website for information purposes only and agree that you will not transmit or otherwise send any information contained in this website to any person outside the United Kingdom, including in the United States, Australia, Canada, the Republic of South Africa, Japan any member state of the EEA or any other Restricted Jurisdiction, to any US Person or to publications with a general circulation in the United States.

Disclaimer

This communication is an advertisement and does not constitute a prospectus and investors must subscribe for or purchase any shares referred to in this communication only on the basis of information contained in the prospectus published by Harmony Energy Income Trust plc on 15 October 2021 (the “Prospectus“) and not in reliance on this video. A copy of the Prospectus is, subject to certain access restrictions, available for inspection on the Company’s website: www.heitp.co.uk and at the registered office of the Company. This communication does not constitute, and may not be construed as, an offer to sell or an invitation to purchase, investments of any description, or a recommendation regarding the issue or the provision of investment advice by any party.

This communication is only addressed to, and directed at, persons in the United Kingdom who are “qualified investors” within the meaning of Article 2(e) of the Prospectus Regulation (“Qualified Investors“).  For the purposes of this paragraph, the expression “Prospectus Regulation” means the UK version of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC, which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended by The Prospectus (Amendment, etc) (EU Exit) Regulations 2019.

In addition, in the United Kingdom, this communication is being distributed only to, and is directed only at, Qualified Investors (i) who have professional experience in matters relating to investments who fall within the definition of “investment professional” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order“), or (ii) who are high net worth companies, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the Order, or (iii) other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as “relevant persons“).  Any investment or investment activity to which this communication relates is available only to and will only be engaged in with relevant persons.  This communication must not be acted on ora relied on in the United Kingdom, by persons who are not relevant persons.

By proceeding to view the materials to which this gatepost gives access, you warrant that you have read and understand the statements above, are located in the United Kingdom, are a relevant person for the purposes of the Order, are not located in or accessing this website from the United States, Australia, Canada, the Republic of South Africa or Japan or in any other jurisdiction in which such offer or invitation is restricted or not authorised or to any person to whom it is unlawful to make such offer or solicitation, are not a U.S. Person (as defined in Regulation S under the U.S. Securities Act of 1933) (each a “Restricted Jurisdiction“) or otherwise resident in the United States or any other Restricted Jurisdiction, you are not investing or otherwise acting for the account or benefit of a U.S. Person or a resident of the United States or any other Restricted Jurisdiction, you are accessing this website for information purposes only and agree that you will not transmit or otherwise send any information contained in this website to any person outside the United Kingdom, including in the United States, Australia, Canada, the Republic of South Africa, Japan or any other Restricted Jurisdiction, to any U.S. Person or to publications with a general circulation in the United States.