CVC DIF has merged its UK solar and battery energy storage system (BESS) platform Verdant Energy with Aura Power Developments to create a combined independent power producer backed by a 10GW development pipeline.
Founded in 2013, Aura Power has developed over 2.1GW of solar and storage projects in the UK and internationally, alongside exiting shareholder ib vogt, recently transitioning to an independent power producer (IPP) model.
Verdant, established in 2022, holds a 660MW UK portfolio of operational and under-construction solar and co-located battery assets
The merged business, operating under the Aura Power brand, comprises 1GW of operational and under-construction UK solar and BESS assets, led by founder and CEO Simon Coulson, who retains a minority stake.
CVC DIF said it made the investment via its DIF Infrastructure VII fund, alongside new financing from Eiffel Investment.
Caine Bouwmeester, partner and head of renewable energy at CVC DIF, said: “This transaction builds on our original investment in Verdant, bringing together two highly complementary businesses to create a leading UK solar and BESS IPP with the scale, pipeline and delivery capability to generate long-term value.
“We look forward to partnering with Simon and the team as they take the business into its next phase of growth.”
Coulson said: “This merger with Verdant Energy, with the backing of CVC DIF, marks a transformative milestone for Aura Power. By combining our extensive development pipeline with Verdant’s robust delivery track-record, we are perfectly positioned to scale our IPP model.
“The deal provides us with both the financial strength and operational expertise to accelerate the delivery of critical solar and battery storage infrastructure, helping the UK meet its ambitious green energy targets.”
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