Danish renewable power infrastructure investor Copenhagen Infrastructure Companions (CIP) is about to take a position £250 million and take a majority stake in UK photo voltaic developer Elgin Vitality.
CIP is likely one of the world’s largest renewable power funding funds, elevating roughly £24 billion in funding and managing a challenge pipeline of 120GW.
The agency has invested extensively in offshore wind, together with in Scotland, the US and Japan, in addition to onshore wind, photo voltaic, Energy-to-X and different renewables.
CIP will now search to rework London-based Elgin into an impartial energy producer (IPP), making the agency a totally built-in and full-service photo voltaic and storage firm.
Elgin set to develop crew, develop into new markets
Constructing on the almost 2GW of photo voltaic initiatives already delivered by the UK agency, the companies mentioned the funding will assist Elgin develop its crew and challenge pipeline in current and new markets.
CIP associate Nischal Agarwal mentioned the infrastructure investor is nicely positioned to help Elgin on account of its expertise in procurement and development.
“Elgin is an ideal match for CIP’s funding technique given its robust management and tradition, market main improvement experience, prime quality pipeline of scale and vital development potential in markets with engaging fundamentals,” Mr Agarwal mentioned.
Elgin chief government officer Ronan Kilduff mentioned the strategic partnership aligns with the corporate’s imaginative and prescient to turn into “the main European photo voltaic firm”.
“Given CIP’s industrial background and strategy, they’re a perfect associate for Elgin in its subsequent part of development and transformation into an IPP,” Mr Kilduff mentioned.
“With CIP’s help, we’re well-positioned to attain our bold targets, together with our dedication to create over 100 new jobs at Elgin, and speed up in the direction of a internet zero future.”
UK photo voltaic power
Because it was based in 2009, Elgin mentioned it has delivered near 2GW of ready-to-build photo voltaic photovoltaic and storage initiatives.
Elgin at present operates greater than 20 photo voltaic initiatives throughout the UK, with one other 28 within the pipeline.
The corporate has eight initiatives in Scotland, together with two in Aberdeenshire.
Globally, Elgin mentioned it has greater than 15GW of photo voltaic initiatives at present in its pipeline, together with initiatives in Eire, Australia and Germany.
The UK authorities is aiming to quickly scale up the deployment of photo voltaic power, with a goal to achieve as much as 70GW of photo voltaic capability by 2035.
Based on Scottish Renewables, there may be potential in Scotland for 11GW of roof-mounted photo voltaic PV to be put in throughout the nation, offering almost a 3rd of Scotland’s present electrical energy wants.
Nonetheless, very like within the offshore wind sector, the roll-out of photo voltaic power initiatives within the UK is being hampered by inflation, provide chain disruption, rising rates of interest and delays in grid connections, placing the 2035 goal unsure.
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