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London, United Kingdom (UK), Elgin has secured a revolving credit facility of GBP 60 million with Banco Bilbao Vizcaya Argentaria (BBVA), paving the way to deliver its solar and battery portfolio in the UK and Ireland. Securing the revolving credit facility builds on recent equity investments1 and signals Elgin’s improving access to capital. This deal supports Elgin’s continued transition to become an Independent Power Producer (IPP), to grow its team and pipeline in existing and new markets.
Elgin’s increased liquidity will also support the delivery of its development portfolio of over 15 GW of solar and battery projects. With many projects due to take financial investment decisions and enter construction over the coming months, this strengthening financial foundation will give further confidence to Elgin’s supply chain partners and project contractors.
“Elgin’s new delivery strategy and transition to an IPP is gathering significant momentum. At this important stage of our expansion, both in terms of projects and people, this agreement will enable Elgin to move forward with confidence, accelerating our commitment to a net zero future,” said Ronan Kilduff, CEO of Elgin. “It is an exciting time for Elgin as we begin to see years of work being realised with multiple projects entering the construction phase. This deal highlights the company's potential and dedication to driving the green energy agenda forward”.
The finance deal follows Elgin's successful portfolio sale of 16 solar projects in Ireland to Allianz Capital Partners in December of 2023 where Elgin is providing construction, asset management, trading, and optimisation services. Further solidifying its industry leadership, Elgin recently achieved planning consent for 3 GW of projects, a testament to its continued success and capacity for large-scale renewable energy project delivery.
About Elgin
Elgin is a leading international solar company, bringing projects from origination through development to energisation. The company has a portfolio of projects in late-stage development totalling 15GW+ across three key markets: the UK, Australia and Ireland, with an unparalleled 98% success rate in gaining planning permission across all its markets. Since being founded in 2009, Elgin has expanded internationally and has a team of over 115 professionals in its London, Dublin, Munich, Madrid and Sydney offices. For more information, visit www.elgin.com
Elgin is majority owned by CIP’s fifth flagship fund, CI V, which is set to become the largest of its kind globally Copenhagen Infrastructure Partners (CIP) is the world’s largest dedicated fund manager within greenfield renewable energy investments, having raised over EUR 28 billion for investments in energy and associated infrastructure from more than 150 international institutional investors. For more information, visit www.cip.com
