Copenhagen Infrastructure Partners Commits £250 Million to Elgin Energy, Accelerating Solar Power Expansion

Copenhagen Infrastructure Partners (CIP) has announced a significant investment in Elgin Energy, with plans to acquire a majority share in the company. The £250 million investment will facilitate Elgin’s transition into an Independent Power Producer (IPP), bolstering its position in the solar and storage market.

Elgin, known for its extensive development portfolio, has already delivered close to 2GW of ready-to-build solar PV and storage projects. The company has secured numerous government-backed auctions in the UK and Ireland, with over 30 projects in its portfolio. Currently, Elgin boasts a project pipeline of 15GW across the UK, Ireland, and Australia, covering various solar and storage configurations.

Nischal Agarwal, a partner in the CIP Flagship investment team, emphasized the strategic fit between CIP and Elgin. He highlighted CIP’s expertise in procurement and construction, which will support Elgin’s evolution into an IPP.

Ronan Kilduff, CEO of Elgin, expressed excitement about the partnership with CIP, citing it as a transformative opportunity for the company. Kilduff underscored CIP’s industrial background and approach as crucial for Elgin’s growth and aspirations to become a leading European solar company. The collaboration aims to create over 100 new jobs at Elgin and accelerate progress towards a net-zero future.

CIP’s fifth flagship fund, CI V, with a target size of EUR 12 billion, is poised to become the largest of its kind globally. The fund aims to invest in various renewable energy technologies, including wind, solar PV, and energy storage, across Europe, North America, and the Asia Pacific region