Danish greenfield renewable energy investor Copenhagen Infrastructure Partners (CIP) has expanded its current project pipeline of solar PV and battery energy storage system (BESS) portfolio by 15 GW with a majority stake in Elgin Energy. 

Along with Elgin’s existing management team, CIP says it will invest £250 million ($316.5 million) in the Ireland-based solar developer through its 5th flagship fund CI V. The latter has a target size of €12 billion ($13 billion) with a focus on wind, solar PV and storage technologies among others across Europe, North America and Asia Pacific. 

Elgin has completed close to 2 GW of ready-to-build solar PV and storage projects. It touts 15 GW project pipeline in the UK, Ireland and Australian markets, covering standalone solar, solar co-located battery storage and standalone battery storage projects. 

With CIP as its majority stakeholder, the Irish developer targets to transform into an independent power producer (IPP) as part of its next phase of growth. 

“Elgin is a perfect fit for CIP’s investment strategy given its strong leadership and culture, market leading development expertise, high quality pipeline of scale and significant growth potential in markets with attractive fundamentals,” said Partner in the CIP Flagship investment team and responsible for investments in Europe, Nischal Agarwal. 

Recently, CIP raised €200 million from the Ireland Strategic Investment Fund (ISIF) for its CI V (see Irish Government Commits €278 Million To Climate Investments).