Drax Group is buying battery energy storage investor Harmony Energy Income Trust (HEIT) for £199.9m in a move that not only builds on the company’s renewable opportunities but also could help provide greater balancing of loads.

Drax has been in a bidding war with Foresight Group but its final offer was accepted by both boards. The acquisition will enhance Drax’s FlexGen portfolio as the company seeks to provide greater energy security. The HEIT two-hour storage systems allows charging and discharge twice a day and can help smooth out dips in renewable generation.

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