The funder’s sustainable project finance offering is designed to support projects from early development through to the operational phase.

Aura Power is currently working on developing an active pipeline of utility-scale solar PV and battery energy storage of around 12 GW in the UK,Europe and North America. The funding is provided for development expenditure such as grid payments, planning fees and land legal costs, bringing a number of projects closer to Ready to Build.

Simon Coulson, CEO and Co-Founder at Aura Power 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 5 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”.

Matthew Andrews, Senior Relationship Manager for the Sustainability and GreenInfrastructure team at Novuna Business Finance added: It has been an absolute pleasure to work alongside AuraPower to provide them with the £10m facility to fund their project development costs, bringing each of them a step closer to the ready to build stage.

This deal is further proof of Novuna Business Finance’s commitment to supporting utility-scale solar PV and battery storage projects. It not only represents a significant step towards reducing carbon emissions and reliance on fossil fuels but also serves as a stepping stone to a future powered by clean, renewable energy.