Total equity commitments reach £250 million, supporting Aurora’s expansion and the delivery of electricity flexible grid connections across Great Britain.

• Additional commitment from I Squared Capital, alongside Allianz Global Investors, Kåpan, a Swedish pension fund, and M&G Investments, brings total equity commitments to £250 million since 2024.
• New funding will support Aurora’s next phase of growth across Great Britain meeting growing demand for electricity connections driven by electrification, grid modernisation and the energy transition.
• Investment builds on Aurora’s rapid growth as one of the UK’s fastest growing Ofgem-regulated Independent Distribution Network Operator (IDNO)

Aurora Utilities (“Aurora”), a leading independent distribution network operator (IDNO) backed by I Squared Capital (“I Squared”), today announced an additional £100 million equity commitment from I Squared, alongside institutional investors Allianz Global Investors, Kåpan, and M&G Investments.

The investment builds on the initial £150 million equity commitment made in 2024, bringing total equity raised to £250 million. The additional capital marks an important milestone in Aurora’s continued expansion across Great Britain, accelerating the delivery of critical energy infrastructure projects to meet growing demand driven by electrification, grid modernisation and the transition to net zero.

Since securing its initial investment, Aurora has established itself as one of the fastest-growing IDNOs in the UK, expanding its customer base and delivering electricity infrastructure across a diverse range of sectors. The business has developed a strong position in a market benefiting from long-term structural growth, underpinned by the electrification of transport, increasing power requirements from data centres and industrial users, the deployment of renewable energy and battery storage, and the wider modernisation of the UK’s electricity networks.

The additional commitment underscores the continued confidence from leading institutional infrastructure investors in Aurora’s long-term growth strategy, operational delivery, and role in supporting the UK’s future energy system. It also highlights the increasingly important role of independent network operators in facilitating investment in the UK’s electricity infrastructure and supporting the transition to a more electrified economy.

It will also support continued recruitment across the business, including further strengthening Aurora’s in-house operations, engineering and land rights capabilities.

Simon Reilly, Chief Executive Officer of Aurora Utilities, said: “This latest investment reflects the strength of our business, the capability within our team, and the scale of opportunity emerging across the UK energy infrastructure sector. Demand for resilient electricity infrastructure continues to accelerate as the UK transitions towards a more electrified economy. With the support of I Squared Capital, Allianz Global Investors, Kåpan, and M&G Investments, we are well positioned to continue scaling the business and delivering for our customers.”

Damian Darragh, Fund Partner at I Squared Capital, said: “Aurora has delivered impressive growth since our initial investment, establishing a strong platform in a sector that is fundamental to the UK’s energy transition and economic competitiveness. We look forward to continuing to support Simon and the team as they further scale the business across the UK.”
Anish Majmudar, Head of Infrastructure and Real Assets at M&G Investments, said: “The electrification of the UK economy is creating a significant need for investment in the infrastructure that connects new sources of demand and generation to the grid. Aurora is helping address that need across areas including transport, renewable energy, battery storage and data centres. We have been impressed by the quality of the team, the progress the business has made and its ability to compete for increasingly complex connections. This investment gives us the opportunity to support the next stage of Aurora’s growth while investing in infrastructure that is critical to the UK’s energy transition.”

Since entering the UK IDNO market, Aurora Utilities has expanded its presence across the energy infrastructure sector, supporting major housing developers, large-scale data centres, commercial and industrial projects, megawatt charging hubs for HGVs, public transport electrification programmes, battery storage, and renewable energy projects. This growing footprint includes networks that charge one in four electric buses in London, alongside connections supporting more than 2.36 TWh of solar generation and battery energy storage, equivalent to the annual electricity needs of almost one million UK homes.

As demand for electricity infrastructure continues to increase, Aurora remains focused on delivering resilient networks that support economic growth, energy resilience, and the UK’s long-term decarbonisation ambitions.

About Aurora Utilities
Aurora is an Independent Distribution Network Operator regulated by Ofgem. We connect residential and commercial infrastructure projects across Great Britain to the electricity network.
Put simply, we plug into the grid – and you plug into us. From data centres to shopping centres and from solar sites to EV superhubs, we get our customers connected faster and more efficiently. Once connected, we own and operate the network to the highest Distribution Network Operator (DNO) standards, while contributing to your project costs through our competitive Asset Value (AV) payments. Find out more about Aurora here: https://aurora-utilities.co.uk/about-us/about-aurora

Aurora Media Contact:
Karen Clark
Karen@ascendcomms.consulting / 07344308258

About I Squared Capital
I Squared Capital is a leading independent global infrastructure investor dedicated to the mid-market, managing over $60 billion in assets. Founded in 2012, I Squared has evolved into one of the most diverse infrastructure investors in the world, with investments across power & utilities; transportation & logistics; digital infrastructure; environmental infrastructure; and social infrastructure, providing essential services to millions of people worldwide. Today, the portfolio includes over 100 companies operating in more than 70 countries. Headquartered in Miami, the firm has offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney, Taipei and Tokyo. Learn more at www.isquaredcapital.com.

I Squared Media Contact:
Dominic McMullan / Sofie Brewis
info@isquaredcapital.com

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