Novuna Business Finance has successfully completed a £15m Development Finance facility for Evolution Power Ltd, a UK-based independent renewable energy developer with a significant track record in solar and battery energy storage (BESS) projects.
Operating in a sector that is critical to the UK’s transition to a low-carbon economy, Evolution Power has built a strong portfolio of utility scale solar PV including co-located battery energy storage (BESS) projects. The Novuna Business Finance facility enables Evolution Power to retain ownership of its existing 200MW solar and 100MW BESS consented projects, while supporting the development of its 3GW solar and BESS NSIP portfolio projects through key milestones to maximise future value.
The transaction demonstrates Novuna’s flexible approach to lending, working closely with Evolution Power to create a facility that aligns with the company’s requirements and growth strategy. The funding unlocks capital from the existing portfolio, providing additional financial flexibility while enabling the business to continue advancing its pipeline of renewable energy projects.
Philippe Bazin, Head of Sustainable Energy and Green Infrastructure at Novuna Business Finance, commented: “Evolution Power has built an impressive portfolio and has a clear strategy for creating long-term value from its assets. By taking the time to understand the business and its ambitions, we were able to provide a funding solution tailored to its needs. We’re delighted to be partnering with the team and supporting the next stage of its growth as it continues to develop projects that will play an important role in the UK’s energy transition.”
Conor McNally, Director at Evolution Power, commented: “The Novuna Business Finance facility enables Evolution Power to maximise the value of its existing 300MW consented portfolio and provides lower cost development funding for its 3GW NSIP portfolio, with the first of these projects expected to be publicly launched later this year. We look forward to building the relationship with the Novuna team and thank them for their collaborative and efficient approach throughout the funding process”.