Renewables – Solar Energy
Copenhagen Infrastructure Partners (CIP) has signed an agreement to acquire a majority share in Elgin Energy and will, together with Elgin’s retained management team, invest £250 million into Elgin.
The investment will combine CIP’s industrial approach for procurement and construction with Elgin’s high quality development portfolio to enable Elgin to become an Independent Power Producer (IPP), grow its team and pipeline in existing and new markets, and develop into a fully integrated and full-service solar and storage company.
To date, Elgin has delivered close to 2GW of ready-to-build solar PV and storage projects and, in recent years, the company was successful in the UK and Ireland government-backed auctions on a total of 30+ projects. Elgin’s current project pipeline of 15GW is supported by development activities in the UK, Irish, and Australian markets, covering stand-alone solar, solar co-located with battery storage, and stand-alone battery storage.
“Elgin is a perfect fit for CIP’s investment strategy given its strong leadership and culture, market leading development expertise, high quality pipeline of scale and significant growth potential in markets with attractive fundamentals. We are well placed to support Elgin in transforming into an IPP with our expertise in procurement and construction,” commented Nischal Agarwal, partner in the CIP Flagship investment team, responsible for investments in Europe.