Luminous Energy has signed a £5.5 million three-year development finance facility with Novuna Business Finance to support its international development pipeline and corporate operations, the company said in a press release.
The UK-based renewable energy and battery storage developer said the funding will aid its transition from a pure-play developer to an independent power producer (IPP).
The company highlighted the “optionality and flexibility” of the facility as central to its broader funding strategy. The deal allows Luminous to allocate funds across both development-stage projects and overheads in multiple jurisdictions, including Australia, the United States and Germany.
As part of the agreement, Novuna has taken security over Luminous’s UK distribution-connected solar development portfolio. This includes Bracon Ash, a project recently brought online and previously backed by Novuna through senior debt financing.
Three key features of the funding facility are:
- Global deployment: Funding can be used across geographies, not limited to UK assets.
- Flexible repayment: The facility can be repaid and redrawn over the term.
- Asset adaptability: Due diligence is only required when funds are drawn, up to the £5.5 million limit.
Luminous’s Chief Investment Officer Guy Laverack said the arrangement “underscores Novuna Business Finance as a serious player in the emerging development finance space”, noting the company’s continued support at both corporate and project levels.
Novuna’s Head of Sustainable Energy, Philippe Bazin, said flexibility was “key to getting the deal over the line”, and that the facility would allow Luminous to pursue its strategy of expanding renewable energy globally.
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