Developer of Renewable Energie Aura Power has reached financial closure of the Burtree Lane Solar Project thanks to a deal with Rabobank.
The developer established in Bristol has secured a £ 33.1 million financial package from Rabobank to develop the 40 MW Burtree Lane Solar PV energy plant, based in Darlington, County Durham.
The Burtree Lane project received a building permit in November 2022 and is expected to start construction this summer. In addition to the clean energy generated by the installation, the project will yield a 46% biodiversity gain in the area through measures such as Hedgerow Planting, and a £ 20,000 a year of community Benefit Fund will be determined.
This is the second project in Aura Power’s more than 400 MW ready-made solar port folio that is financed via Rabobank. In October 2024, Aura Power made a £ 44 million project financing debts facility via Rabobank to build the 49.9 MW Kemble Solar Farm, located near Cirencester, Gloucestershire. In 2023, Kemble Solar Farm successfully concluded a contract through the contracts of the British government for Difference (CFD) Allocation Round 5 (AR5). The construction of the Kemble Solar Farm is expected to start early this year, with extensive preparatory works that have already been completed.
Ben Moore, director at Aura Power, said: “Reaching financial closure on Burtree Lane is a fantastic next step for us to develop our operational British solar portfolio. We look forward to breaking the ground in the summer and to stimulate early next year. “
Paul Graafland, associated director at Rabobank, added: “We are delighted to work with Aura Power on the Burtree Lane Solar PV project and in turn to help with their broader goal of a 400 MWP+ UK Solar Portfolio to develop. This financing underlines Rabobank’s cooperative dedication to finance the energy transition and to support solutions for sustainable energy. “
Aura Power celebrated the success in the most recent CFD allocation round, AR6, which took place in September 2024. The developer concluded contracts for 175 MW of capacity in four allowed British solar projects, which were free at a exercise price of £ 50.07 per MWH. Contracts were protected for the 30 MW Rayleigh Solar Farm in Essex, the 49.9 MW Horton Solar Farm in East Devon, the 45 MW Hawthorn Pit Solar Farm in County Durham and the 49.9 MW Preston Hill Solar Farm in Staffordshire. These projects are expected to all start with construction in the year 2026, and it is expected that will all take six to eight months to complete the construction.
