Novuna Business Finance has provided £10m of funding to support Aura Power, a leading global developer of renewable energy projects progress their development pipeline of utility-scale solar PV and battery energy storage of around 12 GW in the UK, Europe and North America.
The deal demonstrates Novuna Business Finance’s appetite to support businesses that have the drive to help deliver the countries net-zero ambitions. As part of Mitsubishi HC Capital UK PLC, the company is committed to making a positive and sustainable difference to its customers, communities and society and aims to make an impact by focusing on areas where its expertise, skills and experience will contribute to lasting progress on the road to sustainable change.
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Matthew Andrews, Senior Relationship Manager for the Sustainability and Green Infrastructure team at Novuna Business Finance 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, CEO 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 5 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. Ensuring we can help deliver global net-zero ambitions”.
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