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Aura Power secures £10 million funding to advance 12 GW solar and battery projects globally.

UK renewable energy developer, Aura Power, has secured GBP 10 million ($12.5m/EUR 11.6m) in debt financing to advance the development of projects in its global pipeline of 12 GW of utility-scale solar and battery energy storage initiatives. The funding will be used for development expenditure such as grid payments, planning fees, and land legal costs. The debt facility was closed with a UK-based unit of Mitsubishi HC Capital Inc (TYO:8593), Mitsubish HC Capital UK plc, which provides sustainable project finance that covers the process from early development through to the operational phase. Aura Power was founded in 2013 and has recently received approval for the Peace Butte project in Canada, which will install 200 MW of solar generation capacity and a 75-MW battery storage site in Cypress County, Alberta.

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