CIP aquires majority stake in solar-storage developer Elgin in £250m deal

April 4, 2024

Copenhagen Infrastructure Partners (CIP) has signed an agreement to acquire a majority stake in London-headquartered solar and storage developer Elgin Energy (Elgin) and will, together with Elgin’s retained management team, invest £250 million in the company.

The investment will “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”, a statement said.

To date, Elgin has delivered close to 2GW of ready-to-build solar PV and storage projects.

Elgin’s current project pipeline of 15GW 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.

Nischal Agarwal, partner in the CIP Flagship investment team, responsible for investments in Europe, said: “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.”

Ronan Kilduff, CEO of Elgin, added: “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.”