Copenhagen Infrastructure Partners (CIP) has acquired a majority stake in international solar company Elgin Energy to deliver and expand its existing 15-gigawatt solar PV and battery portfolio.
Along with Elgin’s retained management team, CIP will invest £250 million ($314 million) into the company. 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 nearly 2 gigawatts of ready-to-build solar PV and storage projects. In recent years, the company was successful in the United Kingdom and Ireland government auctions on more than 30 projects. Elgin’s current project pipeline of 15 gigawatts is supported by development activities in the United Kingdom, Irish a