UK-based renewable energy investor and developer Aura Power has raised funds from Mitsubishi HC Capital, trading as Novuna Business Finance, to develop its pipeline of around 12 GW utility-scale solar PV and battery energy storage systems (BESS).
The proceeds of £10 million ($12.5 million) will enable the company to advance this portfolio in the UK, Europe and North America.
Specifically, Aura will deploy the funds for development expenditure on grid payments, planning fee and land legal costs. Aura says it will enable a number of projects to come closer to a ready-to-build (RTB) status.
"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," said Aura Power's CEO and Co-Founder Simon Coulson. "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."