Aura Power, a Bristol-based renewable energy project developer, secured £30 million (~$39.28 million) in a project financing debt facility from Coöperatieve Rabobank to construct the 49.9 MW Kemble solar farm in the U.K.
ib vogt will provide engineering, procurement, and construction (EPC) services. Construction of the project is expected to begin in early 2025. Powersystems UK will serve as the Independent Connection Provider, including building the substation and cable route.
This is the company’s first project in its portfolio of eight ready-to-build projects in the U.K., totaling 500 MW, which have secured planning permission in the last 24 months.
Once operational, Aura Power claims the Kemble solar project will produce enough clean electricity to power over 14,000 households annually.
Simon Coulson, CEO of Aura Power, said, “Securing project financing for this project is a significant milestone for Aura Power. It marks not just the start of construction but a new direction for the company as we move towards an IPP model. This success is a testament to our team and partners, who demonstrate a real commitment to driving the energy transition and delivering projects to the highest standards. We are particularly grateful to the local community for working with us to finalize the design of the project.”
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, large-scale solar project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
Earlier this week, Mainstream Renewable Power, a solar and wind project developer, announced the financial closure of its 50 MW Ilikwa solar project in the Free State province of South Africa. The financial details of the transaction are undisclosed. The project’s construction has already begun, with commercial operations expected in early 2026.
