Copenhagen Infrastructure Partners, through its flagship fund CI V, has signed an agreement to acquire a majority share in Elgin Energy, and will, together with Elgin’s retained management team, invest £250 million in the company, enabling it to deliver and expand on its existing 15 GW solar PV and battery portfolio.

The investment will combine CIP’s industrial approach for procurement and construction with Elgin’s development portfolio to enable Elgin to become an independent power producer (IPP) and expand its team and pipeline in existing and new markets, with the aim of developing it 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 on over 30 projects in the UK and Ireland government–backed auctions. 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.

“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,” said Ronan Kilduff, CEO of Elgin.

With a target size of €12bn, CIP’s fifth flagship fund, CI V, is set to become the largest of its kind globally. The fund aims to invest in a range of technologies from wind and solar PV to energy storage across Europe, North America and Asia Pacific.

Image courtesy of Phonlamai Photo / Shutterstock