en.Wedoany.com Reported - Aura Power has completed senior debt financing for the Preston Hill Solar Farm in the UK, with funding again provided by Rabobank. This financing marks the developer's sixth project under construction, and CEO Simon Coulson stated that achieving this financing is a significant milestone, reflecting the hard work of the team and partners across the entire project portfolio.
Aura Power currently has a total installed capacity of 360 MWp under construction. The Kemble Solar Farm, the company's first project under construction, has recently achieved grid connection. These milestones reinforce the company's long-term commitment to strengthening domestic energy security, accelerating decarbonization, and supporting resilient local communities.
The global energy market continues to face uncertainty, with geopolitical turmoil exacerbating natural gas price volatility across Europe. Against this backdrop, rapidly deploying domestic renewable energy generation is crucial for enhancing energy independence, stabilizing long-term electricity prices, and reducing reliance on expensive imported fossil fuels. UK solar power has set multiple records this year, with nearly 50% of UK electricity coming from solar during daytime this week, while gas generation accounted for only 7%.
Simon Coulson stated that the successful financing of the Preston Hill project is another important milestone for the company's business, demonstrating continued market confidence in its strategy and delivery capabilities. He noted that as the UK continues to navigate energy security issues and increasing volatility in international gas markets, the need for new domestic renewable energy infrastructure has never been clearer, and projects like Preston Hill will provide clean, secure, and affordable electricity for decades to come. The company's focus remains on delivering these projects efficiently and thoughtfully while supporting local communities.
The senior debt financing was again provided by Rabobank, which has so far partnered with Aura Power on all its projects under construction in the UK. Jesse Leeuwendal, Executive Director at Rabobank, added that the bank is pleased to support Aura Power in financing the Preston Hill Solar Farm, marking another significant milestone in the delivery of its UK project portfolio and highlighting the strength of the partnership and the bank's ongoing commitment to funding projects that enhance energy resilience and support the transition to a low-carbon economy. Aura Power was supported in this financing by the banking and finance team at Burges Salmon.
Construction of the Preston Hill Solar Farm is expected to begin later this year. Local residents will receive advance notice and be invited to meet with the project team.
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