Danish investment firm Copenhagen Infrastructure Partners (CIP) has signed an agreement to acquire a majority share in renewables developer Elgin Energy which has a 15 GW pipeline of solar and battery energy storage projects in the United Kingdom, Irish, and Australian markets.
CIP and Elgin’s retained management team have jointly invested $480 million (GBP 250 million) in Elgin, enabling the company to become an independent power producer (IPP) and a fully integrated solar and storage company. The details of the investment split remain undisclosed.
CIP made the investment through its flagship fund, CI V. With a fundraising target of $19.73 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’s evolution into an IPP and help it grow its project pipeline.
“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,” he said.
Elgin has delivered close to 2 GW of solar and storage assets and said it has 15 GW of projects in the pipeline, encompassing standalone solar, solar co-located with battery storage, and standalone battery storage.
In Australia, Elgin has announced four large-scale solar and battery energy storage projects, including the recently approved Glanmire project in New South Wales and the Shady Creek project in Victoria. Both feature 60 MW of solar and 60 MW / 120 MWh battery energy storage installations.
“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,” Elgin Chief Executive Ronan Kilduff said.
The acquisition boosts CIP’s position in the Australian market where its pipeline of projects includes the 240 MW/480 MWh Summerfield battery energy storage system planned for South Australia’s Murraylands region.
CIP said the project is the first of multiple large-scale battery projects it has planned for Australia and part of a $100 billion development pipeline that also includes offshore and onshore wind, renewable hydrogen and pumped hydro.
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