Novuna Business Finance has provided £10m of funding to support Aura Power progress its development pipeline of utility-scale solar PV and battery energy storage of around 12GW in the UK, Europe and North America.
The deal demonstrates Novuna Business Finance’s appetite to back companies that have the drive to help deliver the countries’ net zero ambitions, it said.
Matthew Andrews, senior relationship manager for the sustainability and green infrastructure team at Novuna Business Finance, said: “Supporting businesses that can make a real difference to the UK’s net zero goals is extremely important to Novuna Business Finance.
“It has been an absolute pleasure to work alongside Aura Power to provide them with a £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.”
Aura Power chief executive and co-founder Simon Coulson added: “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.”