Eiffel Investment has provided a debt facility to fund the merger of UK solar and battery energy storage system (BESS) platform Verdant Energy with developer Aura Power Developments.
Provided through Eiffel’s infrastructure debt funds, the undisclosed HoldCo facility will fund the consolidation of the two businesses, refinance existing junior debt, and provide capital to advance the combined group’s portfolio.
Last month CVC DIF merged Verdant Energy with Aura Power Developments.
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 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.
Roman Londner, managing director at Eiffel Investment, said: “We are delighted to support CVC DIF by providing this acquisition financing enabling the combination of two complementary companies in the UK renewable market.
“This transaction reflects one of our strategies which is to finance the consolidation of the European renewables market and demonstrates our ability to provide large-scale and flexible financing solutions for tier-1 infrastructure investors in Europe.”
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