Verdant Energy, a renewable-energy power-generation company backed by CVC DIF, and Aura Power have merged to create a solar and battery energy storage system (BESS) independent power producer (IPP) in the United Kingdom.
The merger will combine Verdant’s operating and under-construction solar and BESS asset base with Aura Power’s complementary contracted portfolio to create a platform comprising 1-gigawatt of solar and battery storage assets operating and under-construction in the United Kingdom alongside a 10-gigawatt development pipeline.
In parallel with the merger, CVC DIF, which is invested in Verdant, secured financing from Eiffel Investment Group to support the transaction, refinance existing junior facilities and fund future growth of the combined pipeline.
Following the merger, the combined company will operate under the Aura Power brand and will be led by Aura Power’s founder and CEO Simon Coulson, who retains a minority stake.
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