Copenhagen Infrastructure Partners acquires majority stake in Elgin Energy
Danish funding company Copenhagen Infrastructure Partners (CIP) says its majority stake in Elgin Energy will wait on the Irish photograph voltaic developer to transition into an impartial strength producer (IPP).
Patrick Jowett
Image: Jadon Kelly, Unsplash
CIP has obtained a majority stake in Irish photograph voltaic developer Elgin Energy.
CIP and Elgin’s management have jointly invested GBP 250 million ($316.8 million) in Elgin, enabling the corporate to turn out to be an IPP and a truly constructed-in photograph voltaic and storage company. The principle points of the funding prick up dwell undisclosed.
CIP made its funding by strategy of its flagship fund, CI V. With a fundraising plan of €12 billion $13 billion), CI V is designed to make investments in wind, photograph voltaic and strength storage technologies with a highlight on Europe, North The United States and the Asia-Pacific plan.
Nischal Agarwal, a partner in the CIP Flagship funding group, acknowledged the company’s expertise in procurement and construction will give a boost to Elgin Energy’s evolution into an IPP.
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“With CIP’s give a boost to, we are successfully-positioned to enact our ambitious targets, in conjunction with our dedication to attain over 100 unique jobs at Elgin and flee in direction of a bring together-zero future,” added Elgin CEO Ronan Kilduff.
Elgin has delivered shut to 2 GW of PV and storage projects and claims to have 15 GW of projects in the UK, Irish and Australian markets in the pipeline, keeping standalone photograph voltaic, photograph voltaic co-situated with battery storage, and standalone battery storage.
In January, CIP obtained a 100% ownership stake in Soltec’s Danish early-stage photograph voltaic PV portfolio.
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