Financing activity across the UK’s renewable energy and battery storage sectors remained resilient in the first half of 2025, with Aurora Energy Research advising on equity and debt transactions totalling £3.7 billion, the company said on Tuesday.
The firm reported continued investment across offshore wind, solar, standalone battery energy storage systems (BESS), and co-located technologies, despite policy-related uncertainties.
“This volume demonstrates strong appetite from lenders as developers continue to execute their pipelines,” said Brian Potskowski, head of UK & Ireland advisory at Aurora. “Despite ongoing uncertainty over the past months regarding zonal pricing, TNUoS reforms, and AR7 timelines in Great Britain, deal activity remains robust.”
One of the most notable transactions involved Aurora advising on the sale of Harmony Energy Income Trust (HEIT) to Foresight Group LLP. The deal, described as the largest operational BESS sale in Europe to date, was completed at Net Asset Value. The 92.4 pence per share offer reflected a 94% premium over HEIT’s last closing price, signalling strong investor confidence in the UK battery storage market.
Aurora also supported Quinbrook Infrastructure Partners in securing financing for Cleve Hill Solar Park, the UK’s largest solar-plus-storage project under construction. The project, the first of its kind to be approved as a Nationally Significant Infrastructure Project (NSIP), secured a £218.5 million term loan and a £20 million VAT facility from Lloyds Bank and NatWest.
In offshore wind, the 1.08GW Inch Cape project in Scotland reached financial close in January 2025, raising over £3.5 billion. Debt financing was provided by a consortium of 22 commercial banks. Originally consented in 2014, Inch Cape represents a major step forward for UK offshore wind development. Aurora’s market analysis supported the transaction, including the Lenders’ Market Analysis (LMA) that facilitated broad syndicate participation.
Aurora said further equity and debt financing processes across the renewables and storage sectors are expected to launch over the summer.
