Evolution Power Secures £15 Million for UK Solar and Battery Projects
Evolution Power, a joint venture between Korkia and Evolution Power Holdings, has secured a £15 million development finance facility from Novuna Business Finance. The funds will support the expansion of its UK solar photovoltaic and battery energy storage portfolio.
Evolution Power has secured a £15 million development finance facility from Novuna Business Finance, the company announced Wednesday. This funding is designated for the continued expansion of its United Kingdom-based solar photovoltaic (PV) and battery energy storage system (BESS) portfolio.
The financial backing will enable Evolution Power to enhance the value of approximately 300 megawatts (MW) of consented projects. Additionally, the facility will provide capital for the development of a pipeline estimated at 3 gigawatts (GW) of Nationally Significant Infrastructure Projects (NSIP).
The joint venture, formed between Korkia and Evolution Power Holdings, aims to accelerate its growth in the renewable energy sector. This financing marks a significant step in realizing the company's strategic objectives for developing large-scale energy infrastructure.
The investment highlights ongoing financial commitment to renewable energy infrastructure development in the UK, focusing on solar power and energy storage solutions to meet future energy demands.