Irish solar and storage developer Elgin Energy has raised an undisclosed amount from Germany bank Berenberg to support around 50 individual solar projects in the UK and Ireland, representing 1.36 GW capacity. Initial projects in this portfolio are scheduled to enter construction in Q4/2022.
Berenberg will back the projects through its Green Energy Junior Debt Fund III once the respective projects reach the late stage of project development. For the German Bank, this investment expands the portfolio of its fund in the 2 said regions 'offering investors the opportunity to have a direct and positive impact on the use of renewable energies to meet decarbonization goals'.
For Elgin Energy, the funding will accelerate the implementation of a 'significant' part of its solar project portfolio, since it claims to have a late stage portfolio of more than 3.7 GW in its 3 core markets of Great Britain, Australia and Ireland.
The Irish company targets to develop over 5 GW capacity by 2025. In Swptember 2020, the company announced a joint venture with Foresight Group to co-dveelop 200 MW greenfield subsidy free solar capacity in the UK (see Joint Venture Launched For 200 MW UK Solar Projects).