Elgin Energy raises £25m to expand solar footprint in Ireland and UK

26 Nov 2021

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Elgin, headquartered in London, will use the funding for its plans to develop more than 5GW of capacity by 2025.

UK-based solar and storage developer Elgin Energy has raised £25m in an oversubscribed funding round led by Irish investment firm Focus Capital Partners.

Elgin, which has multiple energy projects across Ireland and the UK, will use the funding for its plans to surpass 5GW of solar and storage capacity in Ireland, the UK and Australia by 2025.

This new funding comes just months after Elgin received £29m in project-specific investment from German bank Berenberg to develop 1.36GW of capacity across 50 solar sites in Ireland and the UK.

Ronan Kilduff, chief executive of Elgin, said that the new financing will help the London-headquartered company to scale its origination and development programme. “Elgin Energy is now well positioned in terms of team, pipeline and funding to deliver on its long-term growth across core markets.”

Founded in 2009, Elgin began developing sites in the UK in 2011, followed by Ireland in 2015 and, most recently, opened offices in Australia in 2018. As of 2021, it has obtained planning permission for 770MW across almost 60 projects in the three markets, with further developments in the pipeline.

Last year, Elgin deployed a test site for the first bifacial module – otherwise known as double-sided solar panels – in Ireland. The test site was installed on a dairy farm in Skeoughvosteen, Co Kilkenny, in partnership with panel manufacturer Longi and inverter manufacturer SolarEdge.

“Elgin Energy’s proven track record and management team, in addition to its extensive qualified pipeline, is a sound foundation for a successful relationship and was seen as an attractive opportunity by investors,” Jack O’Keeffe, director of Focus Capital Partners, a corporate finance firm with offices in Dublin and Limerick.

“Renewables and infrastructure are growth sectors where Focus Capital has been very involved, and we see further opportunities in these key asset classes to align investors with proven operators.”

Elgin was approved for two solar projects at Ireland’s first auction under the Renewable Energy Support Scheme. It has also partnered with London-based Foresight Group and Greek construction company Metka to deliver 276MW of UK solar development projects.

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Vish Gain is a journalist with Silicon Republic