Luminous Energy has closed a GBP 5.5m development-stage financing facility with Novuna to underpin the next stages of progress on its pipeline of solar assets in several markets.

The deal is understood to have been structured as borrowing against the developer’s existing asset base, including the operational CfD and PPA-backed 28.5 MW Bracon Ash solar farm in Norfolk.

This will then allow Luminous to invest capital in development activities, as well as some overheads in various markets, including the UK, USA, Germany and Australia.

Additionally, the facility is understood to feature the flexibility to bring assets both in and out of it in due course, which in effect can serve to recycle some of the capital for reuse on future projects.

The next site likely to reach maturity is the 25 MW Duxhurst PV project, near Reigate in Surrey, in the south-east of England.

This development, which secured a GBP 50.07 per MWh (2012 prices) CfD in 2024’s allocation round six, is now set to be in line for a senior project finance transaction which is targeted to close in autumn 2025.

While Mitsubishi HC Capital-backed Novuna may ultimately act as lender for Duxhurst, just as it did for Bracon Ash, Luminous is understood to also retain the freedom to pursue the required circa GBP 11m-13m loan from other lenders.

Other UK sites under development by the group include the 35 MW Stow Park solar farm in Lincolnshire which is currently in planning, the recently consented 49.9 MW Cattybrook PV scheme near Bristol, and the development-stage 49.9 MW Fitzwalters solar project near Brentwood in Essex, among others.

Luminous Energy’s up to 800 MW Springwell solar farm near Lincoln, being developed alongside EDF and which is currently in the nationally significant infrastructure project (NSIP) planning framework, is understood to not form part of the current Novuna deal.

Luminous and Novuna were contacted for comment.