ENERGY STORAGE

Solar-storage developer Aura Power closes £10m Novuna debt facility

May 2, 2024

UK-based utility-scale solar PV and battery energy storage developer Aura Power, has announced the closing of a £10 million debt facility with UK based project finance provider, Mitsubishi HC Capital UK plc trading as Novuna Business Finance.

Aura Power is currently working on developing a pipeline of utility-scale solar PV and battery energy storage of around 12 GW in the UK, Europe and North America. “The funding is provided for development expenditure such as grid payments, planning fees and land legal costs, bringing a number of projects closer to ready to build,” an Aura Power statement said.

Simon Coulson, CEO and co-founder at Aura Power said: “We are delighted to partner with Novuna Business Finance to secure this funding, especially as the company’s ethos aligns with our own when it comes to sustainability. Aura has been successful in expanding its development business over the last five years and we now have a large number of projects progressing through the later stages of development. Late-stage assets are naturally more capital intensive, and this funding will form a critical part of ensuring these projects reach RTB in a timely manner. Ensuring we can help deliver global net-zero ambitions.”

Matthew Andrews, senior relationship manager for the sustainability and green infrastructure team at Novuna Business Finance added: It has been an absolute pleasure to work alongside Aura Power to provide them with the £10 million facility to fund their project development costs, bringing each of them a step closer to the ready to build stage.”