Aura Power secures £10 million funding from Novuna

Aura Power has successfully secured a £10 million debt facility with Novuna Business Finance, a part of Mitsubishi HC Capital UK PLC.

This partnership is intended to support Aura Power’s projects from early development to the operational phase.

Aura Power, based in Bristol, is currently working on a pipeline of utility-scale solar PV and battery energy storage projects totaling approximately 12 GW across the UK, Europe, and North America.

The funding will be used to advance global development efforts, including grid payments, planning fees, and legal land costs.

Simon Coulson, CEO and co-founder of Aura Power, expressed his delight in partnering with Novuna Business Finance and emphasized the alignment of their sustainability ethos.

“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.”

In December 2023, Aura obtained approval for a 100MW/400MWh battery energy storage (BESS) project in Capenhurst, Chesire.

This marked the third project in the UK to receive planning permission in the previous year, in addition to Aura’s 49.9 MW Horton Solar Farm in East Devon and its 49.9 MW Hawthorn Pit Solar Farm in Durham.

Aura has been actively involved in the solar and battery industries, with a development pipeline exceeding 20 GW. Just last week (2 May), the developer successfully obtained planning permission for a 30 MW capacity solar farm in Essex following an appeal.

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.”

Source: Aura Power 

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