British renewable energy firm Aura Power has reached financial close for its 49.9-megawatt (MW) solar project near Cirencester, marking the company's debut as an independent power producer (IPP).
The firm secured a project financing debt facility of approximately GBP 30 million (USD 39.3 million/EUR 35.8 million) from Cooperatieve Rabobank UA to fund the construction of the Kemble solar farm.
Once operational, Kemble is anticipated to generate enough clean power to supply more than 14,000 local homes. The project successfully secured a place in the UK Government's Contracts for Difference (CfD) Allocation Round 5 in 2023.
Aura Power first announced its plans for the solar site in November 2020, obtaining planning permission in April 2022. Since then, the company has completed preparatory works, including extensive archaeological excavations and pre-construction ecological surveys.
This financing milestone represents a significant transition for Aura Power as it moves from development to construction of renewable power assets.
The Kemble project is the first of a series of eight ready-to-build projects in the UK, totaling over 500 MWp, that have received planning approval in the past 24 months.
