Independent UK law firm Burges Salmon has advised Bristol-based renewable energy developer Aura Power on a £44 million project financing debt facility made available by Coöperatieve Rabobank U.A, a Dutch multinational sustainable cooperative bank. The financing supports the construction of Aura Power’s 49.9 MW Kemble solar farm, the first UK project in its portfolio to be built and operated by the company.
Located in Cirencester, Kemble solar farm will generate enough clean electricity to power over 14,000 homes and save over 25,000 tonnes of CO2 each year. Its development is the first in a series of seven UK RTB projects to be taken into construction, totalling over 500MWp, which have secured planning permission in the last 24 months.
Burges Salmon’s Banking and Finance lawyers advised Aura Power with a team led by partner Stuart McMillan, senior associate Elin Blundell, associate Emily Cranston and trainee solicitor Eva Hunter. Stuart McMillan comments: “It’s been a pleasure to work with Aura Power on this innovative debt package which paves the way for Aura's commitment to delivering projects that contribute to national net zero targets and enhance local biodiversity. Our experience advising a broad range of domestic and international lenders and borrowers on UK-based energy finance projects enabled us to secure a successful outcome for all parties within the required timescales.”
Ali Timms, General Counsel at Aura Power, adds: “It’s been a pleasure to work with Burges Salmon and we have been impressed by the firm’s ability to understand our business quickly as well as its expertise in the renewables sector.”
Combining sector knowledge with banking and finance expertise, Burges Salmon provides tailored advice from a range of perspectives to support lenders and borrowers on complex financing transactions in the UK and internationally. The firm’s energy capabilities were recognised in Clean Energy Pipeline’s annual Legal League Tables 2024 with Burges Salmon ranked as the second most active law firm in clean energy M&A deals and in the top 10 Project Finance table, having completed 18 transactions, totalling £936 million.