Elgin Energy Raises Financing For 1.36 GW Solar PV

Elgin Energy To Develop 1.36 GW Solar PV Portfolio In Ireland & UK With German Money, Thanks To Berenberg’s Green Energy Debt Fund

Elgin Energy Raises Financing For 1.36 GW Solar PV

Targeting to have 5 GW solar power capacity by 2025, Elgin Energy has raised financing for 1.36 GW capacity from a green energy fund of Berenberg. Pictured is Boughton Estate in Northamptonshire, England where the company is developing a 38 MW solar farm. (Photo Credit: Elgin Energy)

  • Elgin Energy has raised an undisclosed amount from German bank Berenberg for its solar portfolio
  • The bank will fund around 50 solar projects in the UK and Ireland once these reach late stage in their project development
  • The funding will accelerate the implementation of Elgin Energy’s significant portfolio of 1.36 GW

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).

About The Author

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

Recent Videos

Loading...
Subscribe To Our Taiyang NewsLetter 
Enter your email to receive our daily solar sector updates.