Aura Power has secured £33.1m ($41.66m) project financing from Rabobank to fund the construction of its Burtree Lane solar project in Darlington, UK.

The 40 MW (ac) project, approved in November 2022, will generate clean electricity for 14,000 homes and offset 10,000tpa of CO₂.

The Burtree Lane project marks the second in Aura Power’s 400 MWp+ ready-to-build solar portfolio to achieve financial close with Rabobank, following the Kemble solar project.

Rabobank provided approximately £44m in project financing for the Kemble initiative in October 2024.

Rabobank associate director Paul Graafland 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 the 400MWp+ UK Solar Portfolio.

“This financing underscores Rabobank’s cooperative commitment to financing the energy transition and supporting sustainable energy solutions.”

Aura Power director Ben Moore said: “Reaching financial close on Burtree Lane is a fantastic next step for us in developing our operational UK solar portfolio. We are looking forward to breaking ground in the summer and energising early next year.”

Last year, Rabobank reported a net profit of €5.16bn ($5.4bn) compared with €4.37bn in the previous year.

This growth was attributed to higher volumes in commercial segments, favourable interest rates, low loan impairment charges, and reduced regulatory levies.

Total income increased by 5%, primarily driven by business growth. Net interest income across business segments rose, supported by higher income on capital.

Last month, Rabobank strengthened its collaboration with the European Investment Bank (EIB) to enhance support for sustainable small and medium-sized enterprises (SMEs) across the Netherlands.

The entities signed a new €300m finance agreement to support eco-friendly businesses.

This initiative was built on their longstanding partnership, which has provided over €1.8bn in sustainable funding to more than 1,000 SMEs over the past nine years.