Renewable energy developer Aura Power has reached financial close on the Burtree Lane solar project thanks to a deal with Rabobank.
The Bristol-based developer has secured a £33.1 million finance package from Rabobank in order to develop the 40MW Burtree Lane solar PV power plant, located in Darlington, County Durham.
The Burtree Lane project was granted planning permission in November 2022, and is expected to begin construction this summer. As well as the clean energy generated by the installation, the project will deliver a 46% biodiversity net gain in the area through measures such as hedgerow planting, and a £20,000 per year community benefit fund will be established.
This is the second project in Aura Power’s over 400MW ready-to-build solar portfolio that has been financed through Rabobank. In October 2024, Aura Power secured a £44 million project financing debt facility through Rabobank to construct the 49.9MW Kemble Solar Farm, located near Cirencester, Gloucestershire. In 2023, Kemble Solar Farm successfully secured a contract through the UK government’s Contracts for Difference (CfD) Allocation Round 5 (AR5). Construction on the Kemble Solar Farm is expected to begin early this year, with extensive preparatory works already having been completed.
Ben Moore, director at Aura Power, said: “Reaching financial close on Burtree Lane is a fantastic next step for us in developing our operational UK solar portfolio. We are looking forward to breaking ground in the summer and energising early next year.”
Paul Graafland, associate director at Rabobank, added, “We are thrilled to partner with Aura Power on the Burtree Lane Solar PV project and, in turn, aid in their broader goal of developing a 400MWp+ UK Solar Portfolio. This financing underscores Rabobank’s cooperative commitment to financing the energy transition and supporting sustainable energy solutions.”
Aura Power celebrated success in the most recent CfD Allocation Round, AR6, which took place in September 2024. The developer secured contracts for 175MW of capacity across four consented UK solar projects, which cleared at a strike price of £50.07 per MWh. Contracts were secured for the 30MW Rayleigh Solar Farm in Essex, the 49.9MW Horton Solar Farm in East Devon, the 45MW Hawthorn Pit Solar Farm in County Durham, and the 49.9MW Preston Hill Solar Farm in Staffordshire. These projects are all expected to begin construction in the year 2026, and are all expected to take six to eight months to complete construction.
