Elgin Energy agrees funding for 1.36 GWp of UK, Irish solar
Solar park in Cornwall, England. Image by: Elgin Energy.
UK solar and storage developer Elgin Energy will receive debt from German private bank Berenberg to finance the late-stage development of 1.36 GWp of solar projects in the UK and Ireland.
The financing will be extended through the Berenberg Green Energy Junior Debt Fund III, the lender said on Tuesday. Under the agreement, Berenberg will support 50 of Elgin Energy’s solar photovoltaic (PV) projects after they enter late-stage development. The first batch of those schemes is expected to become shovel-ready by the last quarter of 2022.
“This is a step change for the Elgin Energy business in terms of the quantum of our development capital and will accelerate the deployment of a significant portion of our portfolio of utility scale solar projects,” said managing director Ronan Kilduff.
Elgin Energy aims to deliver over 5 GW of projects by 2025. At present, it has more than 3.7 GW of project capacity in the late phases of development in the UK, Australia and Ireland.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.