Elgin has secured up to £500 million from a major banking syndicate to expand its UK solar and storage pipeline
The company recently won 382 MW in the UK’s AR7 auction, adding to earlier contract awards in AR5 and AR6
Funded projects are expected to be operational before 2030 and could cut emissions by over 200,000 tonnes
Elgin, a UK-based utility-scale solar and storage independent power producer (IPP), has secured up to £500 million in financing from a banking syndicate. It plans to use the proceeds to accelerate the development of its UK project pipeline over the coming years.
Solar and storage projects with a combined capacity of up to 1 GW, supported by this financing, are expected to be commissioned in phases. All the facilities are targeted to become operational before 2030.
Elgin says construction has already begun on some sites, including the 24.5 MW Maes Mawr solar project in Glamorgan in the Wales. Once operational, the portfolio is expected to reduce UK carbon emissions by over 200,000 tonnes.
The banking syndicate for this round includes major lenders in the UK renewables sector such as BNP Paribas, Siemens Bank, Société Générale, Standard Chartered and NatWest, which also acted as the sole structuring and coordinating bank.
“This £500 million financing facility is a significant milestone for Elgin as we continue our transition into a leading Independent Power Producer (IPP),” said Elgin CEO Dermot Kelleher. “The funding will support the delivery of our near term solar and co-located projects, accelerating our contribution to the UK’s energy transition while responding directly to the need for more flexible and resilient infrastructure.”
The funding follows Elgin’s recent success in the UK’s Allocation Round 7 (AR7) Contracts for Difference (CfD) auction, where it secured 8 contracts totaling 382 MW. In the AR6 round, it had won 164 MW, and 130 MW in AR5 (see UK AR7 Awards Record 4.9 GW Of Solar PV Under CfD Scheme).
