Copenhagen Infrastructure Partners acquires majority stake in Elgin Energy


CIP has acquired a majority stake in Irish solar developer Elgin Energy.

CIP and Elgin's management have jointly invested GBP 250 million ($316.8 million) in Elgin, enabling the company to become an IPP and a fully integrated solar and storage company. The details of the investment split remain undisclosed.

CIP made its investment through its flagship fund, CI V. With a fundraising target of €12 billion $13 billion), CI V is designed to invest in wind, solar and energy storage technologies with a focus on Europe, North America and the Asia-Pacific region.

Nischal Agarwal, a partner in the CIP Flagship investment team, said the firm’s expertise in procurement and construction will support Elgin Energy’s evolution into an IPP.

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“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,” added Elgin CEO Ronan Kilduff.

Elgin has delivered close 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, covering standalone solar, solar co-located with battery storage, and standalone battery storage.

In January, CIP obtained a 100% ownership stake in Soltec’s Danish early-stage solar PV portfolio.

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