Copenhagen Infrastructure Partners (CIP) is taking majority ownership of Elgin Energy and injecting £250m (€292m) in capital alongside Elgin’s retained management team.
CIP, which is investing through the Copenhagen Infrastructure V (CI V) fund, has agreed to acquire a majority share in Elgin and invest to help Elgin expand its team, strengthen its project pipeline in existing and new markets, and ultimately establish itself as an independent power producer (IPP).
Elgin has a 15GW pipeline spanning the UK, Irish, and Australian markets comprising stand-alone solar projects, combined solar-battery storage systems, and dedicated battery storage facilities. The company has nearly 2GW of solar PV and storage projects ready for construction.
Ronan Kilduff, CEO of Elgin, said: “This strategic partnership reinforces our financial strength while aligning with our vision to become the leading European solar company. Given CIP’s industrial background and approach, they are an ideal partner for Elgin in its next phase of growth and transformation into an IPP.
“With CIP’s support, we are well-positioned to achieve our ambitious goals, including our commitment to create over 100 new jobs at Elgin, and accelerate towards a net-zero future.”
Nischal Agarwal, partner in the CIP flagship investment team, responsible for investments in Europe, said: “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.”
CI V is seeking to raise €12bn to invest in a range of technologies from wind and solar photovoltaic to energy storage across Europe, North America and Asia Pacific.
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