Novuna Business Finance is a part of Mitsubishi HC Capital UK PLC, designed to support projects from early development through to the operational phase. Image: Aura Power.
Aura Power has announced the successful closing of a £10 million debt facility with Novuna Business Finance. Novuna is a part of Mitsubishi HC Capital UK PLC, designed to support projects from early development through to the operational phase.
Bristol-based Aura Power is developing an active pipeline of utility-scale solar PV and battery energy storage of about 12GW in the UK, Europe and North America. The funding will help progress global development for Aura, covering expenditures like grid payments, planning fees and legal land costs.
Aura Power CEO and co-founder Simon Coulson 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.”
In December 2023, Aura was granted planning permission for a 100MW/400MWh battery energy storage (BESS) project in Capenhurst, Chesire. It was the third UK project to receive planning permission last year, alongside Aura’s 49.9MW Horton Solar Farm located in East Devon and its 49.9MW Hawthorn Pit Solar Farm in Durham.
Aura has been active within the solar and battery industries, with a pipeline in development in excess of 20GW. Last week (2 May), following an appeal, the developer secured planning permission for an Essex solar farm 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 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.”
