Luminous Energy, a solar and energy storage project developer, closed financing on the 28.5 MW Bracon Ash UK Solar Farm. The project is expected to start generating power in the summer of 2024 and generate enough electricity to power more than 9,500 households annually.
The firm announced Novuna Business Finance as the funding partner supporting the project. The transaction details were not disclosed for the deal. Germany-based engineering, procurement, and construction (EPC) specialist Belectric has been awarded the contract to construct Bracon Ash Solar Farm.
Guy Lavarack, Chief Investment Officer, Luminous Energy, commented: “Bracon Ash marks the start of our strategic shift towards becoming an independent power producer and, in a challenging market environment, demonstrates our capability to construct, finance, and operate our own significant project pipeline. We are now actively seeking third-party equity investment to help us further deliver against this strategy.”Luminous was advised by TLT LLP (banking, property & corporate), CMS Cameron McKenna Olswang LLP (commercial), Fichtner Consulting Engineers Ltd (Owner’s Engineer) and WTW (insurance). Novuna was advised by CMS Cameron McKenna Olswang LLP (banking, property & commercial), JLL (Valuation), and Green Cat Renewables Ltd (Technical).
Philippe Bazin, Head of Sustainability and Green Infrastructure at Novuna, the project’s project financing funding partner, added: “The solar market’s continued growth and stability make it an attractive sector for investment. Luminous Energy’s innovative approach, combined with our flexible debt finance offering, further enhances the viability of projects like Bracon Ash Solar Farm. Novuna Business Finance is committed to supporting projects that have a positive environmental and social impact, and we are delighted that Luminous Energy has chosen us as their funding partner to help deliver the next key phase of their strategy.”
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, announced large-scale project funding in Q2 2023 came to $9.5 billion in 51 deals, a 79% increase QoQ compared to $5.3 billion raised in 62 deals in Q1 2023.
Qair, an independent renewable energy producer, recently secured a PLN 335.3 million (~$82.31 million) loan to develop a 129.5 MW solar project portfolio in Poland.
