Aura Power has announced the successful closing of a £10 million debt facility with Novuna Business Finance. Novuna is part of Mitsubishi HC Capital UK PLC, designed to support projects from early development to operational phase.
Bristol-based Aura Power is developing an active pipeline of utility-scale solar and battery energy storage of approximately 12 GW across the UK, Europe and North America. The funding will help advance Aura’s global development and cover expenses such as network payments, planning fees and legal land costs.
CEO and co-founder of Aura Power Simon Coulson said: “We are delighted to be working with Novuna Business Finance to secure this funding, especially as the company’s ethos aligns with ours when it comes to sustainability.
“Aura has been successful in expanding its development activities over the past five years, and we now have a large number of projects in the later stages of development. Late-stage assets are obviously more capital intensive, and this financing will be a critical part of ensuring these projects reach the RTB in a timely manner so we can help deliver global net-zero ambitions.”
In December 2023, Aura was granted planning permission for a 100MW/400MWh battery energy storage project (BESS) in Capenhurst, Chesire. It was the third UK project to receive planning permission last year, joining Aura’s 49.9MW Horton Solar Farm in East Devon and the 49.9MW Hawthorn Pit Solar Farm in Durham.
Aura has been active within the solar and battery industries, with a development pipeline of over 20 GW. Last week (2 May), following an appeal, the developer was granted planning permission for a solar farm in Essex that will have an export capacity of 30 MW.
Matthew Andrews, senior relationship manager for the sustainability and green infrastructure team at Novuna Business Finance, added: “It was an absolute pleasure to work with Aura Power to provide them with the £10 million facility to fund their project development costs, enabling everyone of them one step closer to the construction-ready stage.”
