Copenhagen Infrastructure Partners(CIP), a fund manager dedicated to renewable energy investments, has reached an agreement to acquire a majority stake in Elgin Energy. With Elgin’s management team remaining in place, they plan to invest £250 million in the business. The goal is to transform Elgin into an Independent Power Producer (IPP), expand its team and pipeline into existing and new markets, and become a complete, integrated solar and storage company.
Development and success of Elgin
Elgin has already developed nearly 2 GW of ready-to-build solar photovoltaic and storage projects. In recent years, the company has won government-backed bids in the UK and Ireland for over 30 projects. Elgin is currently working on a 15 GW project pipeline, supported by development activities in the UK, Ireland and Australia. These projects include stand-alone solar installations, solar installations coupled with storage batteries, and stand-alone storage batteries.
Management comments
Nischal Agarwal, Partner at CIP, sees Elgin as a perfect fit with CIP’s investment strategy, praising its leadership, development expertise, and growth potential. Ronan Kilduff, CEO of Elgin, is delighted with this collaboration, which strengthens their financial capacity and aligns with their ambition to become the European leader in solar energy. With CIP’s support, Elgin aims to create over 100 new jobs and accelerate its contribution to a net-zero future.
CIP’s fifth flagship fund, CI V, with a target of 12 billion euros, aims to become the largest fund of its kind worldwide. The fund plans to invest in a range of technologies from wind and solar PV to energy storage across Europe, North America and Asia-Pacific.
