Elgin Energy aiming to release 5GW of solar-plus-storage in 3 years after US$ 33m raise

• UK designer Elgin Energy is targeting 5GW of solar-plus-storage throughout its core markets by 2025 after finishing a ₤ 25 million (US$ 33.3 million) fundraising round.

The raise was performed via Focus Capital Partners, as well as Elgin Energy said it was oversubscribed.

" This very successful and oversubscribed fundraise will certainly enable us to scale our origination and also growth program," claimed Ronan Kilduff, president of Elgin Energy.

" Elgin Energy is now well positioned in regards to team, pipe and also financing to supply on its long-term growth across core markets. I would like to say thanks to every one of the capitalists that sustained Elgin in this procedure."

The fundraise follows Elgin Energy safeguarding ₤ 29 million in project-specific funding from German financial institution Berenberg in August, for the development of 1.36 GWp of solar in the UK and also Ireland. This includes around 50 late-stage advancement projects, which are anticipated to reach ready-to-build status by the fourth quarter of 2022.

In March, the company raised ₤ 4.35 million with 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 and also Ireland.

Jack O'Keeffe, supervisor of Focus Capital Partners, included: "Elgin Energy's proven record and monitoring group, along with its comprehensive certified pipe, is an audio foundation for a successful partnership and also was seen as an attractive possibility by financiers."