The first half of 2025 saw robust financing activity across the UK’s renewables and energy storage sectors, with Aurora Energy Research advising on a significant volume of equity and debt transactions.
Aurora reported that offshore wind, solar, standalone battery energy storage systems (BESS), and co-location technologies accounted for £3.7bn in debt financings it supported in the region during H1 alone.
Head of UK & Ireland advisory at Aurora Brian Potskowski said: “This volume demonstrates strong appetite from lenders as developers continue to execute their pipelines.
“Despite ongoing uncertainty over the past months regarding zonal pricing, TNUoS reforms, and AR7 timelines in Great Britain, deal activity remains robust, with multiple new equity and debt financing processes seeking to launch over the summer months across renewables and energy storage.”
Among the most notable transactions, Aurora advised on the largest operational BESS sale in Europe to date, the take-private of Harmony Energy Income Trust (HEIT) by Foresight Group LLP.
The offer price of 92.4p per HEIT share represented a 94% premium over the last business day’s closing price, signalling strong investor confidence in the UK BESS market. Aurora provided due diligence support to both the vendor and the successful bidder, with the transaction completing at Net Asset Value (NAV).
Aurora also supported Quinbrook Infrastructure Partners with its Chronos battery analytics software on the financing of Cleve Hill Solar Park (pictured), the UK’s largest solar and battery storage project under construction and the first to be consented as a Nationally Significant Infrastructure Project (NSIP).
The financing included a £218.5m term loan and £20m VAT facility, provided by Lloyds Bank and NatWest.
In offshore wind, Inch Cape, a 1.08GW flagship Scottish project, reached financial close in January 2025, raising more than £3.5bn of funding, with debt financing provided by 22 commercial banks.
Originally consented in 2014, Inch Cape marks a milestone for UK offshore wind development. Aurora’s market analysis underpinned the debt raise, including provision of the Lenders’ Market Analysis (LMA) that brought a large syndicate of banks on board.