Aura Power and Verdant Energy Merge to Create UK Solar-BESS Platform
Aura Power Developments and Verdant Energy have merged to form an independent power producer focused on solar and battery energy storage systems (BESS) in the UK.
The combined platform has approximately 1 GW of operating and under-construction solar and battery storage assets, alongside a development pipeline of around 10 GW.
The new company will be led by Simon Coulson, founder and CEO of Aura Power, who will remain a minority shareholder. The combined business will employ more than 75 people.
CVC DIF, through DIF Infrastructure VII, is backing the transaction with financing from Eiffel Investment Group. The financing will support the merger, refinance existing junior facilities and fund growth across the combined development pipeline.
Verdant Energy brings around 660 MW of utility-scale solar and co-located battery storage assets that are operating or under construction. Aura Power has advanced more than 2.1 GW of solar and battery storage projects to ready-to-build or commercialised stages in the UK and internationally.
Aura Power said it will continue to selectively develop BESS projects in Europe.
