CIP and Elgin’s collaborative investment of GBP 250 million ($316.8 million) in Elgin has paved the way for the company to transition into an Independent Power Producer (IPP) while establishing itself as a fully integrated entity in the solar and storage sector. Although the specifics of the investment division remain undisclosed, this substantial infusion of capital signifies a significant step forward for Elgin’s expansion.
CIP directed its investment through its primary fund, CI V, which boasts a fundraising target of €12 billion ($13 billion). CI V is strategically geared towards investing in a spectrum of renewable energy technologies such as wind, solar, and energy storage, with a focal point on regions including Europe, North America, and the Asia-Pacific.
Nischal Agarwal, a partner within CIP’s Flagship investment team, expressed confidence that their adeptness in procurement and construction will play a pivotal role in facilitating Elgin Energy’s transition into an IPP.
CIP and Elgin’s GBP 250 Million Investment Marks Milestone in Solar and Storage Transition (Credits: Solar Quarter)
This strategic partnership is poised to leverage CIP’s expertise to propel Elgin towards its ambitious objectives, including the creation of over 100 new employment opportunities at Elgin while steering decisively towards a net-zero future, as noted by Elgin CEO Ronan Kilduff.
Elgin has already demonstrated its prowess by delivering nearly 2 gigawatts (GW) of photovoltaic (PV) and storage projects. Additionally, the company boasts a robust pipeline encompassing 15 GW of projects across the UK, Ireland, and Australian markets. These projects span various configurations, including standalone solar, solar co-located with battery storage, and standalone battery storage solutions.
In a separate development earlier this year, CIP solidified its presence in the renewable energy sector by acquiring a 100% ownership stake in Soltec’s early-stage solar PV portfolio in Denmark, further reinforcing its commitment to fostering sustainable energy solutions.
