Evolution Power, Korkia’s UK joint venture, secures £15 million development finance facility
Evolution Power, a joint venture between Korkia and Evolution Power Holdings, has secured a £15 million development finance facility with Novuna Business Finance.
The financing will support the continued development of Evolution Power’s UK solar PV and battery energy storage (BESS) portfolio, enabling the company to add further value across approximately 300 MW of consented projects whilst also funding development of a c.3 GW pipeline of Nationally Significant Infrastructure Projects (NSIP).
For Korkia, the transaction marks another important milestone for its strategy of creating value through active portfolio management, project development and innovative financing solutions. As an investor and shareholder in Evolution Power, Korkia has supported the company in building a significant development portfolio in the UK, spanning solar, energy storage and emerging data centre opportunities. Flexibility remains for future partnerships and transactions across the portfolio.
“This financing is a strong endorsement of the quality of the Evolution Power portfolio and the team’s development capabilities,” said Peter Bolton, Vice President, Portfolio Investments & Country Manager, UK at Korkia. “Since establishing the joint venture in 2021, we have worked with the Evolution Power team to build a high-quality and mature pipeline. The facility provides a strong platform for the next phase of growth, and we are pleased to be partnering with Novuna, whose collaborative approach and deep understanding of the sector made them an ideal financing partner.”
“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,” said Philippe Bazin, Head of Sustainable Energy and Green Infrastructure at Novuna Business Finance.
Contact
Peter Bolton
Vice President, Portfolio Investments & Country Manager, UK
+44 780 941 2133, peter.bolton@korkia.co.uk
About Korkia
Korkia is a global investor accelerating the transition to renewable energy. Together with local partners, Korkia develops utility-scale solar, wind, and energy storage projects that drive meaningful financial returns and deliver renewable gigawatts transforming the global energy landscape. The company operates in nine markets across Europe, North and South America, powered by a team of 50 in-house professionals and over 75 local development partners. Established in 2006, Korkia is a privately owned company with headquarters in Helsinki, Finland and offices in London, Milan and Santiago de Chile.
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.
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