Evolution Power Ltd secures £15m Development Finance facility with Novuna Business Finance
Thursday 16th July 2026
Novuna Business Finance has successfully completed a £15m Development Finance facility for Evolution Power Ltd, a UK-based independent renewable energy developer with a significant track record in solar and battery energy storage (BESS) projects.
Operating in a sector that is critical to the UK's transition to a low-carbon economy, Evolution Power has built a strong portfolio of utility scale solar PV including co-located battery energy storage (BESS) projects. The Novuna Business Finance facility enables Evolution Power to retain ownership of its existing 200MW solar and 100MW BESS consented projects, while supporting the development of its 3GW solar and BESS NSIP portfolio projects through key milestones to maximise future value.
The transaction demonstrates Novuna’s flexible approach to lending, working closely with Evolution Power to create a facility that aligns with the company's requirements and growth strategy. The funding unlocks capital from the existing portfolio, providing additional financial flexibility while enabling the business to continue advancing its pipeline of renewable energy projects.
"Evolution Power has built an impressive portfolio and has a clear strategy for creating long-term value from its assets. By taking the time to understand the business and its ambitions, we were able to provide a funding solution tailored to its needs. We're delighted to be partnering with the team and supporting the next stage of its growth as it continues to develop projects that will play an important role in the UK's energy transition."
Philippe Bazin
Head of Sustainable Energy and Green Infrastructure
Novuna Business Finance
"The Novuna Business Finance facility enables Evolution Power to maximise the value of its existing 300MW consented portfolio and provides lower cost development funding for its 3GW NSIP portfolio, with the first of these projects expected to be publicly launched later this year. We look forward to building the relationship with the Novuna team and thank them for their collaborative and efficient approach throughout the funding process."
Conor McNally
Director
Evolution Power
About Evolution Power
Evolution Power is an independent solar and BESS developer that has been backed by Finnish based global energy transition investor Korkia since 2021. It has a 300MW portfolio of consented projects with a further 3GW NSIP projects in development. It is also progressing a number of data centre opportunities with co-located renewable energy.
About Novuna Business Finance
Novuna Business Finance provides funding solutions to SMEs and large businesses across the UK, including asset finance, stocking finance, block discounting and sustainable project finance.
With an asset portfolio exceeding £1.9bn, we support sectors including transport, agriculture, construction and manufacturing with our Sustainable Project Finance team supporting major renewable energy and transport projects. In 2026 we were named Best Leasing and Asset Finance Provider at the Business Moneyfacts Awards.
Novuna Business Finance is a trading style of Mitsubishi HC Capital UK PLC, part of Mitsubishi HC Capital Inc., one of the world’s largest and most diversified financial groups, with over 12 trillion yen (£57bn) of assets.