Aura Power Reaches Close on 30MW Essex Solar

• Aura Power clinches funding for a 30‑MW Essex solar farm, backed by Rabobank, kick-starting construction and powering UK climate goals with fresh, local clean energy.

Aura Power, a British renewable energy company, has secured financial closure for a 30-MW solar farm project in Essex. The financing was arranged through senior debt provided by Rabobank, enabling the company to commence construction.

The solar farm is part of Aura Power's efforts to expand renewable energy infrastructure in the UK. The project is expected to contribute significantly to the region's clean energy supply, aligning with national goals for sustainable energy development.

How will Aura's 30-MW Essex solar be financed, built, connected, and offtaken?

Financing
- Senior debt provided by Rabobank, complemented by Aura Power’s equity
- Typical UK utility-scale structure: construction loan converting to term debt, DSRA, covenanted gearing ~65–80%
- Interest-rate hedging in place; VAT/working-capital facilities likely for construction cashflow
- Security package over project SPV assets and key contracts; independent technical and market advisers appointed

Build
- Turnkey EPC contract awarded via competitive tender, with UK subcontractors for civils, fencing, and cabling
- Utility-scale bifacial modules and bankable inverters; cable-in-trench and pre-fabricated substation design
- 9–12 month build program with seasonal ecological constraints and biodiversity-net-gain measures
- O&M contracted on multi-year basis with availability and performance guarantees

Grid connection
- Connection to UK Power Networks (Eastern Power Networks) distribution system, typically at 33 kV
- Contestable works delivered by an ICP; non-contestable by the DNO; G99 compliance and commissioning tests
- Metering to CoP3/CoP2 standards; Statement of Works coordination with National Grid ESO
- Curtailment managed under DNO/ANM arrangements as applicable; reactive power and protection settings per connection offer

Offtake
- Route-to-market via a long-term PPA (utility or corporate), with sleeving through a licensed supplier
- Expected mix of fixed-price or floor-plus-index structures; REGOs transferred to the offtaker
- Balancing, forecasting, and imbalance services bundled in the route-to-market agreement
- Potential partial merchant exposure to capture upside, subject to lender-approved hedging limits