Noriker secures £20m development finance facility from Novuna

Noriker Power has secured a £20 million Development Finance Facility from Novuna Business Finance to support the continued development of battery energy storage system (BESS) projects across the UK and Republic of Ireland.

The facility refinances an existing arrangement while providing additional support for Noriker’s project portfolio, helping the business progress BESS projects through development, construction and delivery.

Novuna said the flexible funding structure would support Noriker’s growth plans as it operates within the rapidly developing renewable energy and battery storage market.

First Berlin Securities Brokerage acted as exclusive financial adviser to Noriker Power on the transaction.

Noriker has been developing BESS projects in the UK since 2015 and has developed and built 14 utility-scale battery storage and hybrid energy facilities supporting the UK electricity grid.

As a vertically integrated developer and service provider, the company works across the project lifecycle, from initial development through to the delivery of revenue-generating energy assets.

Marc Thomas, Managing Director of Noriker, said: “This was an attractive refinancing of an existing facility which provides us with the right kind of support and flexibility in a rapidly developing market.

“Novuna Business Finance understood both the way these projects are developed and the challenges and opportunities within the sector. The process was straightforward from start to finish and gives us a strong platform to continue delivering our ambitious growth plans.”

Philippe Bazin, Head of Sustainable Energy at Novuna Business Finance, said:

“We’re delighted to support Noriker with this £20m Development Finance Facility. By providing refinancing and development funding through a flexible structure, we’re helping the business progress its projects and support its future growth ambitions.

“This transaction reflects our commitment to supporting businesses operating in the renewable energy sector.

“The facility will support the progression of BESS projects across the UK and Republic of Ireland, helping Noriker bring projects forward through the development process and into delivery.”