Aura Power has secured £33m in project financing to fund the construction of its 40MW Burtree Lane solar project in Darlington, UK.
This is the second project in Aura Power’s 400MW ready-to-build solar portfolio to reach financial close with Rabobank, following its success with the Kemble solar project in October last year.
Burtree Lane received planning approval in November 2022.
The site will deliver a 46% biodiversity net gain through landscaping measures such as tree hedgerow and wildflower planting.
Additionally, a £20,000 per year community benefit fund will be established to support local social, educational, and environmental initiatives.
Ben Moore, Director at Aura Power, said: “Reaching financial close on Burtree Lane is a fantastic next step for us in developing our operational UK solar portfolio.
“We’re looking forward to breaking ground in the summer and energising early next year.”
Paul Graafland, Associate Director at Rabobank, said: “We are thrilled to partner with Aura Power on the Burtree Lane Solar PV project and in turn aid in their broader goal of developing 400MWp+ UK Solar Portfolio.
“This financing underscores Rabobank’s cooperative commitment to financing the energy transition and supporting sustainable energy solutions.”