Elgin Energy targets 5GW of solar plus storage by 2025 adhering to ₤ 25m fundraise

Nov 26, 2021 05:25 PM ET
  • Solar and also storage space developer Elgin Energy has elevated ₤ 25 million, as well as will target an enthusiastic medium-term development technique.
Elgin Energy targets 5GW of solar plus storage by 2025 adhering to ₤ 25m fundraise
Image: David Meehan (Elgin Energy)

The business is aiming to make use of the result of its oversubscribed fundraise process-- which it conducted through Focus Capital Partners-- to target 5GW of solar plus storage throughout its core markets by 2025.

" This very successful as well as oversubscribed fundraise will certainly permit us to scale our origination and advancement programme," claimed Ronan Kilduff, chief executive officer of Elgin Energy.

" Elgin Energy is currently well placed in regards to group, pipeline as well as funding to deliver on its long-lasting development throughout core markets. I would love to say thanks to every one of the financiers that supported Elgin in this procedure."

The fundraise adheres to Elgin Energy securing ₤ 29 million in project-specific funding from German bank Berenberg in August, for the advancement of 1.36 GWp of solar in the UK as well as Ireland. This includes around 50 late-stage advancement projects, which are anticipated to get to ready-to-build status by the 4th quarter of 2022.

In March, the business elevated ₤ 4.35 million through its first fundraise with Focus Capital Partners, to progress a 210MW portfolio of subsidy-free solar. Elgin Energy currently has a portfolio of over 4GW of projects in late-stage growth throughout the UK, Australia as well as Ireland.

Jack O'Keeffe, supervisor of Focus Capital Partners, included: "Elgin Energy's proven performance history and also management team, along with its extensive professional pipeline, is an audio foundation for a successful relationship and was viewed as an eye-catching opportunity by investors."

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