Green energy firm lands £10m funding to help progress schemes

Credit: Solar power portal

A Bristol firm has landed £10m funding to back its plans for a series of renewable energy projects.

Novuna Business Finance provided £10m of funding to support Aura Power, a  developer of renewable energy projects.

The funding will help progress the firm’s development pipeline of utility-scale solar PV and battery energy storage of around 12 GW in the UK, Europe and North America.

As part of Mitsubishi HC Capital UK PLC, Novuna is committed to making a positive and sustainable difference to its customers, comunities and society and aims to make an impact by focusing on areas where its expertise, skills and experience will contribute to progress on the road to sustainable change.

Matthew Andrews, senior relationship manager for the sustainability and green infrastructure team at Novuna 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.”

Simon Coulson, chief executive and co-founder at Aura Power 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.”