Aura Power, a solar and energy storage project developer, secured £33.1 million (~$41.1 million) project financing to develop and construct the 40 MW Burtree Lane solar project in Darlington, U.K.
This is the second project in Aura Power’s 400 MWp+ solar portfolio to reach financial close with Rabobank, the first being a $39 million debt facility for the 49.9 MW Kemble solar project in October 2024.
Ben Moore, Director at Aura Power, said: “Reaching financial close on Burtree Lane is a fantastic next step for us in developing our operational U.K. solar portfolio. We’re looking forward to breaking ground in the summer and energizing early next year”.
The Burtree Lane solar project received planning approval in November 2022. Once operational, the project is expected to generate enough clean electricity to power around 14,000 homes while offsetting approximately 10,000 tonnes of CO2 annually, according to Aura Power.
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”.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A report, large-scale project funding deals in 2024 totaled $53.8 billion in 259 deals, up from $44.5 billion raised in 229 deals in 2023.
Earlier this week, DESRI, a renewable energy project developer, in partnership with Ranger Power, a utility-scale clean power development company, announced the financial close for the 250 MWac Show Me State Solar project in Callaway County, Missouri. The company did not disclose the financial details of the transaction and announced the start of the project’s construction.
