Horizon Energy Ventures, the energy asset finance specialist, announces today that it has acquired HeatRHIght and its portfolio of air source heat pumps, currently operating within hundreds of homes managed by UK registered social landlords (RSLs).
Through this multi million pound purchase, Horizon now has assignment rights* to over 5% of all RSL heat pumps** that were accredited and installed post the start of the UK Government’s Domestic Renewable Heat Incentive (DRHI) scheme, which closed to new applicants on 31 March 2022.
This acquisition adds to Horizon’s ever growing portfolio of financed energy assets within the marketplace and helps the company accelerate its strategic intent to support Social Housing Providers across the UK in delivering sustainable decarbonised heating and energy solutions for their customers as part of the UK’s drive to Net Zero.
Tom Thorp, CEO of Horizon Energy Ventures, said
“HeatRHIght developed a successful financed heat pump solution that has given social housing providers a sustainable option for delivering warm homes with cheaper bills for their tenants at a time when energy costs have risen sharply. Whilst the RHI scheme may have closed, the value this portfolio delivers for Horizon is immense and provides us with a further springboard to develop funded heat and energy asset propositions within this sector that meet respective decarbonisation and cost challenges.”
Douglas Gardner, Director of Gamcap (former owner of HeatRHIght), added,
“We’re extremely proud of the business we’ve developed to help the social housing sector provide more affordable and decarbonised heating for customers. The sale of the business following the closure of the Renewable Heat Incentive Scheme will allow Horizon to build on our success and amplify what we’ve achieved within the market.”
*This financing mechanism through OFGEM’s Domestic approved Assignment of Rights contract, entitles the approved investor of each asset to collect the associated income from the DRHI for 7 years post accredited installation.
** based on volume of non-legacy heat pumps accredited through RHI (2014 to end of Jan 22) (sources: OFGEM DHRI Annual Report 20-21 Data Sheet Fig 1.11 and DHRI Quarterly Report Issue 31 p.6)
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