Danish renewables firm Copenhagen Infrastructure Partners (CIP) has signed an agreement to acquire a majority share in Elgin Energy with the intention of investing invest AUD$480 million into Elgin.
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The acquisition will include Elgin’s four solar and battery storage projects in Australia.
Elgin has delivered close to 2GW of ready-to-build solar PV and storage projects and its current project pipeline of 15GW is supported by development activities in the UK, Ireland and Australia.
“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.
“We are well placed to support Elgin in transforming into an IPP with our expertise in procurement and construction,” said Nischal Agarwal, partner in the CIP Flagship investment team, responsible for investments in Europe.
Elgin CEO Ronan Kilduff said, “We are thrilled to embark on this transformative journey with Copenhagen Infrastructure Partners. This strategic partnership reinforces our financial strength while aligning with our vision to become the leading European solar company.
“Given CIP’s industrial background and approach, they are an ideal partner for Elgin in its next phase of growth and transformation into an IPP. With CIP’s support, we are well-positioned to achieve our ambitious goals, including our commitment to create over 100 new jobs at Elgin, and accelerate towards a net-zero future.”
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CIP’s fifth flagship fund, CI V, is set to become the largest of its kind globally. The fund aims to invest in a range of technologies from wind and solar PV to energy storage across Europe, North America and Asia Pacific.
