Renewable energy developer Aura Power has successfully secured financing for the 49.9 MW Kemble Solar Farm.
The Bristol-based developer has reached financial close on a £30 million debt facility for the construction of the Cooperative Rabobank UA solar farm. The Kemble Solar Farm, which will be located near Cirencester, Gloucstershire, is the first of a series of eight ready-to-build projects to secure funding. Aura Power’s eight ready-to-build projects, all of which received planning permission in the last 24 months, will have a total capacity of more than 500 MWp upon completion.
Aura Power received planning permission for the Kemble Solar Farm in April 2022. Since then, preparatory work for construction has taken place, including archaeological excavations and ecological surveys prior to construction. Construction of the main site is expected to begin in spring 2025.
According to Aura Power, the planning proposals for the project will deliver a net biodiversity gain of 30% on site. The project proposals also include an annual community benefits fund of £20,000, aimed at supporting residents in the local area.
Simon Coulson, CEO of Aura Power, said: “Securing project financing for this project is a significant milestone for Aura Power. It not only marks the start of construction, but a new direction for the company as we move towards an independent energy producer model.”
Kemble Solar Farm was successful in the UK Government’s Contracts for Difference (CfD) Allocation Round 5 (AR5) in 2023, with the solar industry standing out as a relatively rare success in what was seen as a disappointing allocation round for the renewables -industry.
The most recent allocation round, AR6, saw tremendous success for the solar industry, with solar projects securing 3.3 GW of support across 93 projects, a record for the sector. In AR6, solar achieved a strike price of £50.07/MWh, significantly higher than the price achieved in AR4 (£45.99/MWh) or AR5 (47.00/MWh).
Another financial success for Aura Power
This news comes in a positive year for Aura Power. In early May this year, the company announced that it had successfully secured £10 million in financing in the form of a debt facility from Novuna Business Finance, part of Mitsubishi HC Capital UK PLC. Aura Power said this funding will be used to help advance the company’s global development, funding network payments, planning costs and legal land costs.
At the end of December last year, Aura Power also took another step forward with its battery energy storage system (BESS) ambitions, obtaining planning permission for a 4-hour BESS. The 100MW/400MWh project will be located in Capenhurst, Cheshire, and will be connected directly to the local substation.aa
