Info
Info
News Article

Fourth Fundraise Secured By Elgin Energy

News

Independent international solar developer Elgin Energy has secured a fourth fundraise for £4.7 million. The fundraise was closed in January 2020. Funding was obtained from Irish investors and will provide capital to complete late stage development of 250 megawatts (MW) of UK solar projects.

This was the second successful fundraise completed in partnership with Cantor Fitzgerald Ireland. The first fundraise was closed in June 2019 and raised £4.3 million. Both fundraises will be used to finance late stage development of Elgin Energy's UK pipeline. A further fundraise is proposed later this year.

Jack O'Keeffe, Senior Director, and Alan Wall, Associate Director, in Cantor Fitzgerald Ireland Corporate Finance worked closely with Dermot Kelleher, Finance Director and Ronan Kilduff, Managing Director in Elgin Energy to secure and close the fundraise.

The UK solar market has matured since the support scheme ended and capital costs continue to reduce. Total installed costs of utility-scale solar PV in the UK have declined by almost 80% from 2010 - 2018 and this downward trend is projected to continue.

“This is the second fundraise we have managed with Elgin Energy. The first fundraise was oversubscribed and due to demand from investors we pursued a second fundraise. Over the past year we have seen a major increase in demand for investment in green funds and demonstration of Environmental, Social and Governance (ESG) commitments.” commented Jack O' Keeffe Senior Director, Cantor Fitzgerald Ireland Corporate Finance.

Elgin Energy has delivered 21 projects (230MW) across the UK & Northern Ireland to date. These projects were delivered under the government operated Renewables Obligation (RO) scheme. When that scheme ended in 2016, many developers left the UK market. Elgin Energy remained and continued to develop projects and have now amassed one of the largest qualified late stage pipelines in the UK.

“Over the past twelve months, we have seen further advances in the UK solar industry and a marked increase in appetite from investment funds to acquire solar assets. With one of the largest late stage pipelines in the UK, we are well placed to address this growing demand. Solar PV is the key scalable technology that can facilitate rapid decarbonization of homes, businesses and industry through the 2020s. The future is bright, the future is solar.” commented Ronan Kilduff, Managing Director, Elgin Energy

Elgin Energy forecasts that solar electricity will become cost-competitive in the UK wholesale electricity market from late 2020 onwards and expect installation of their projects to begin in line with this.

Analysis Of UK Commercial Roof Space Shows Solar PV Film Can Achieve Net Zero Without Greenfield Sites
UK Green Tech Company Myenergi To Double Workforce By 2021
Tandem PV Devices Feel The Heat
NextEnergy Capital Acquires Its First Asset In Portugal 17.4MWp Solar PV Project
TLT Advises Santander On 30MW Flagship Battery Storage Project
FRV And Harmony Energy To Develop Second UK Utility Scale Battery Project
FIMER Powers UK Largest Rooftop Solar Project
Habitat Enerdy Enters Balancing Mechanism With Largest Battery
Ingenious Invests In Electric Vehicle Charging Firm
SOLARWATT Links With Easy Roof To Provide Building-integrated PV For Better-looking Buildings And Smart EV Charging
UK'S Largest Battery Ready To Balance The Grid
New Innovation Set To Change Renewable Energy Market
Power Roll Trials Solar PV To Power Up Himalayan Villages
Going Green In Lancashire – Hundreds Of Houses Installed With Solar Panels In Ground-breaking Project
Oakapple Renewable Energy Appoint Stuart Gentry To Head Business Development
Sonnedix Named ESG Global Solar Power Generation Sector Leader By GRESB
Sunstore Solar Launches WattGrid, A New Range Of Turnkey Off-grid Power Systems
Greencoat Renewables Announces First Transaction In Nordic Market
Solar Power As Rental Offer Launched By Aggreko
Everoze Creates Skyray To Design And Engineer Great Solar PV Projects
The Smarter E South America Postponed To October 18-20, 2021
Sharp Launches New 440W Half-cut Cell PV Panel
TLT Advises Innova Energy On £30m Refinancing Of 57 MW Solar Portfolio
Low Carbon Develop UK’s Largest Community-owned Solar Park
×
Search the news archive

To close this popup you can press escape or click the close icon.
Logo
×
Logo
×
Register - Step 1

You may choose to subscribe to the Smart Solar Magazine, the Smart Solar Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in:
 
X
Info
X
Info
{taasPodcastNotification} Array
Live Event