A Teesside based Law firms corporate and commercial team have played a key role in the first investment for Ritchie Bland Energy (Number 1) Ltd (a subsidiary of Ritchie Bland Energy Limited) (RBE), acquiring shares in Harmony Energy Storage Limited (HESL).
Archers Law are delighted to have been involved in RBE’s first investment. Corporate Partner Daniel Flounders, along with assistance from corporate Solicitor Jayne Jones advised on the corporate based deal with support from Partner and Head of Commercial Property at Archers Law, Rachel List.
The deal, which completed on 13 October 2020, saw RBE acquire a 22.5% equity stake, and will also be providing a long-term rolling credit facility to support the capital investment required for the rapid expansion of the development pipeline are HESL.
Founded in 2020 by James Ritchie, RBE is a Yorkshire based privately funded investment company supporting entrepreneurs and technology businesses that are within the renewable energy industry. James, (Former CEO of Tekmar Group Plc and Chairman of Energi Coast), has been appointed as a director onto the board at HESL to support the ongoing strategy of the business.
James Ritchie, CEO of RBE, said "It's a privilege to be working with the Harmony team and joining the board. Harmony has developed a very impressive pipeline of both Solar and Battery projects, demonstrating a unique understanding of the complex energy market, and are working with some big names in the industry like Tesla and FRV. We hope together we can continue to develop and expand the pipeline of projects to support the UK on its journey to net-zero."
HESL, which was founded in 2010 by Peter Kavanagh, is also based in Yorkshire and is a Leading independent developer of renewable energy projects. The company is focused on building, owning and operating utility-scale renewable assets up to 250MW to serve local businesses and the National Grid.
Peter Kavanagh, CEO of HESL, said: "We welcome James and Ritchie Bland Energy into the Harmony family. We believe as an investor RBE can bring the right support and experience we need to accelerate the development of our pipeline and further help expand the business globally as we continue to build, own and operate utility-scale renewable assets. The world is looking towards a greener, more sustainable energy transition, and this is a clear focus Harmony will be supporting."
Dan Flounders, Partner at Archers Law said “It’s great to be able to advise James and the Ritchie Bland Energy group on their first investment and to get the matter concluded in such a quick timescale. As a previous client of Archers Law, we are delighted to continue to develop the relationship with RBE, and it’s extremely positive to see ambitious and exciting deals being done locally in the current economy. We wish RBE and HESL all the best for their future partnership and look forward to working together with RBE moving forwards.”