CIP to take control of Elgin, invest GBP 250m alongside management

Copenhagen Infrastructure Partners (CIP) has signed a deal to acquire a majority stake in solar developer Elgin Energy, with plans to invest GBP 250 million (USD 315m/EUR 291m) in the company alongside its current management team, which will stay.

The idea is to help Elgin transform into an Independent Power Producer (IPP), grow its team and pipeline in existing and new markets, and establish itself into a fully integrated and full-service solar and storage company, a press statement says.

To date, Elgin has delivered almost 2 GW of shovel-ready solar photovoltaic (PV) and storage projects and its current pipeline includes projects with a total potential capacity of 15 GW in the UK, Ireland, and Australia.

“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,” said Ronan Kilduff, CEO of Elgin.

The majority stake purchase was implemented through CIP’s fifth flagship fund, CI V, which has a target size of EUR 12 billion (USD 13bn).

(GBP 1.0 = USD 1.260/EUR 1.166)

(EUR 1.0 = USD 1.081)

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