The German bank will provide the capital for 50 of Elgin’s solar sites across the UK and Ireland.
Berenberg has entered an agreement with Elgin Energy to finance part of its solar portfolio in the UK and Ireland.
The German bank’s Green Energy Junior Debt Fund III will provide capital for the late-stage development of 1.36GW of capacity in 50 Elgin developments across the two countries. The first projects covered by the agreement will be “ready to build” by the fourth quarter of 2022, according to the two companies.
Financial details of the deal were not disclosed. Berenberg’s Green Energy Junior Debt funds have a total value of €600m and chiefly invest in wind and solar parks across Europe, the US, Japan and Australia.
Torsten Heidemann, head of infrastructure and energy at Berenberg, said: “We are pleased to partner with Elgin Energy in the development of this significant project pipeline.
“The partnership expands the reach of our Green Energy Junior Debt Fund with projects in Ireland and the UK and offers investors the opportunity to have a direct and positive impact on the deployment of renewables to secure decarbonisation goals.
“Elgin has a strong track record of performance in the market and we look forward to building our relationship into the future.”
Ronan Kilduff, managing director of Elgin Energy, added: “This is a step change for the Elgin Energy business in terms of the quantum of our development capital and will accelerate the deployment of a significant portion of our portfolio of utility-scale solar projects.
“Elgin Energy has a total portfolio of projects in late-stage development totalling over 3.7GW across three key markets of the UK, Australia and Ireland. We are thrilled to be working with the Berenberg team in whom we believe we have found a strong long-term strategic partner and we look forward to working with them in future.”
Elgin Energy, which has offices in Dublin, London and Australia, aims to have delivered more than 5GW of capacity by the end of 2025.
The company built the first double-sided solar panel test site in Ireland, launching it on a dairy farm in Kilkenny last year.