CIP acquires majority stake in Elgin
Published by Theodore Reed-Martin,
Editorial Assistant
Energy Global,
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 2 GW 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 15 GW 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.
“We are thrilled to embark on this transformative journey with Copenhagen Infrastructure Partners. 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,” said Ronan Kilduff, CEO of Elgin.
With a target size of €12 billion, 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 photovoltaics (PV) to energy storage across Europe, North America and Asia Pacific.
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Energy Global's Spring 2024 issue
The Spring 2024 issue of Energy Global starts with a guest comment from Field on how battery storage sites can serve as a viable solution to curtailed energy, before moving on to a regional report from Théodore Reed-Martin, Editorial Assistant, Energy Global, looking at the state of renewables in Europe. This issue also hosts an array of technical articles on electrical infrastructure, turbine and blade monitoring, battery storage technology, coatings, and more.
Read the article online at: https://www.energyglobal.com/solar/04042024/cip-acquires-majority-stake-in-elgin/
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