Elgin Energy aiming to deploy 5GW of solar-plus-storage in three years after US$33m raise

Facebook
Twitter
LinkedIn
Reddit
Email
Elgin Energy is targeting 5GW of projects by 2025 under an ambitious growth strategy. Image: Elgin Energy.

UK developer Elgin Energy is targeting 5GW of solar-plus-storage across its core markets by 2025 after completing a £25 million (US$33.3 million) fundraising round.  

The raise was conducted through Focus Capital Partners, and Elgin Energy said it was oversubscribed.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

“This very successful and oversubscribed fundraise will allow us to scale our origination and development programme,” said Ronan Kilduff, chief executive officer of Elgin Energy.

“Elgin Energy is now well positioned in terms of team, pipeline and funding to deliver on its long-term growth across core markets. I would like to thank all of the investors that supported Elgin in this process.”

The fundraise follows Elgin Energy securing £29 million in project-specific funding from German bank Berenberg in August, for the development of 1.36GWp of solar in the UK and Ireland. This consists of around 50 late-stage development projects, which are expected to reach ready-to-build status by the fourth quarter of 2022.

In March, the company raised £4.35 million through its first fundraise with Focus Capital Partners, to progress a 210MW portfolio of subsidy-free solar. Elgin Energy now has a portfolio of over 4GW of projects in late-stage development across the UK, Australia and Ireland.

Jack O’Keeffe, director of Focus Capital Partners, added: “Elgin Energy’s proven track record and management team, in addition to its extensive qualified pipeline, is a sound foundation for a successful relationship and was seen as an attractive opportunity by investors.”

This article was originally published on PV Tech’s sister site Solar Power Portal. A link to the original story can be found here.

Read Next

September 2, 2025
Spanish independent power producer (IPP) Grenergy has sold the fourth phase of its flagship solar-plus-storage project in Chile, Oasis de Atacama.
September 1, 2025
California's solar and storage association has called for US$10 million fines for PG&E and SCE for failing to approve residential solar and storage projects applications quickly.
August 31, 2025
Renewables developer and independent power producer (IPP) TagEnergy has acquired Australian developer ACE Power, adding 6GW of renewable energy and storage projects to its portfolio.
August 29, 2025
Independent power producer (IPP) Verano Energy has closed a US$204 financing for a 83MW/660MWh solar-plus-storage project in Chile.
August 28, 2025
Developer Pacific Energy has successfully commissioned a 26MW solar-plus-storage site at the Atlas-Campaspe mine in NSW, Australia.
August 26, 2025
Malaysian clean energy solutions company Gentari Renewables has partnered with Malaysian engineering and infrastructure giant Gamuda to build a solar-plus-storage portfolio in their home country.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines