Aura Power Secures Financing for 1st Solar Project

British renewable energy company Aura Power has reached financial close on its 49.9-MW solar project near Cirencester, marking the firm's first venture as an independent power producer (IPP).  

To fund the construction of the Kemble solar farm, Aura Power secured a project financing debt facility worth approximately GBP 30 million (USD 39.3 million / EUR 35.8 million) from Cooperatieve Rabobank UA, according to a press release.

Once completed, the Kemble solar farm is expected to supply enough clean energy to power over 14,000 local homes. The project successfully participated in the UK Government’s Contracts for Difference (CfD) Allocation Round 5 in 2023.

Aura Power first unveiled plans for the Kemble site in November 2020, with planning permission granted in April 2022. Since then, the company has completed preparatory work, including archaeological excavations and pre-construction ecological surveys.

This financing milestone allows Aura Power to shift from development to construction of renewable energy assets. The Kemble project is the first of eight ready-to-build sites in the UK, totaling more than 500 MWp of capacity, all of which have secured planning approval in the past two years.