Verdant and Aura Merge to Build 1 GW UK Solar and Storage Player
Verdant Energy and Aura Power Developments Limited have announced the merger of their businesses to form one of the UK’s leading independent power producers (IPP) in solar and battery energy storage systems (BESS). The combined entity will be led by Simon Coulson, founder and chief executive of Aura Power, who retains a minority stake in the merged structure.
The new platform combines Verdant’s operating and under-construction assets with Aura Power’s contracted portfolio, forming roughly 1 GW of solar and battery storage capacity in the UK, alongside a further development pipeline of about 10 GW.
Alongside the merger, CVC DIF secured financing from Eiffel Investment Group to support the transaction, refinance existing junior facilities and fund future growth of the combined pipeline. CVC DIF’s investment was made through the DIF Infrastructure VII (DIF VII) vehicle. The deal fits into a broader wave of consolidation across the global solar sector, which has recently seen European Energy divest a 90 MW solar park in Italy and Origis Energy grow its Rockhound solar complex to 1 GW in Texas.
Founded in 2013, Aura Power has developed more than 2.1 GW of solar and battery storage projects to ready-to-build or commercialised stage in the UK and internationally, in partnership with exiting shareholder ib vogt. The company recently pivoted to an IPP model, reaching financial close on six UK solar projects and energising its first asset, Kemble, earlier this year.
Verdant, launched in 2022, has built a portfolio of roughly 660 MW of utility-scale solar and co-located battery storage assets, operating or under construction across the UK. The combined business will employ more than 75 people, with a leadership team drawn from both companies spanning development, construction, commercial, legal and finance.
The merger also includes selective continued development of Aura Power’s battery storage pipeline in Europe. According to Simon Coulson, founder and chief executive of Aura Power, the merger with Verdant Energy, backed by CVC DIF, marks a transformative milestone for the company. He said combining Aura Power’s development pipeline with Verdant’s operational track record would position the platform to accelerate its IPP model and the delivery of solar and battery storage infrastructure considered critical to the UK’s green energy targets.
Caine Bouwmeester, partner and head of renewable energy at CVC DIF, said the transaction builds on the fund’s original investment in Verdant, bringing together two complementary businesses to create a leading UK solar and BESS IPP. He added that the platform now has the scale, pipeline and delivery capability needed to generate long-term value, as CVC DIF partners with Simon Coulson and his team through the next phase of growth.
Akereos Capital acted as financial and debt adviser, CMS as legal adviser, TLT as real estate adviser, DNV as technical adviser and PwC advised on financial, tax and structuring matters, all on behalf of CVC DIF. Burges Salmon acted as legal adviser to Aura Power, while Norton Rose Fulbright represented ib vogt.
