Copenhagen Infrastructure Partners (CIP) has agreed to acquire a majority share in Irish solar developer Elgin Energy.

The partnership will see both Copenhagen and Elgin’s retained management jointly invest £250m in the solar developer. The division of investment between the two has not been disclosed.

The investment will support Elgin’s transition to become an independent power producer (IPP).

Elgin has a track record of delivering 2GW of ready-to-build solar photovoltaic (PV) and storage projects.

The company has been successful in government-backed auctions in the UK and Ireland, securing 30 projects up to 2024.

CIP partner Nischal Agarwal stated: “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.

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“We are well placed to support Elgin in transforming into an IPP with our expertise in procurement and construction.”

Elgin’s current 15GW project pipeline includes stand-alone solar, solar co-located with battery storage and stand-alone battery storage systems in the UK, Irish and Australian markets.

The investment in Elgin Energy was made through CIP’s flagship fund, CI V.

CI V, which has a fundraising target of €12bn ($13.03bn), is set to invest in a range of renewable energy technologies including wind, solar PV and energy storage, with a focus on Europe, North America and the Asia-Pacific region.

Elgin CEO Ronan Kilduff stated: “We are thrilled to embark on this transformative journey with Copenhagen Infrastructure Partners. This strategic partnership reinforces our financial strength while aligning with our vision to become the leading European solar company.

“Given CIP’s industrial background and approach, they are an ideal partner for Elgin in its next phase of growth and transformation into an IPP. 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.”

The acquisition follows a recent announcement that the national Ireland Strategic Investment Fund has invested €200m in a flagship fund managed by CIP.

In December 2023, CIP made a final investment decision on a 500MW/one gigawatt-hour battery energy storage system (BESS) project, Coalburn 1, in Scotland. Developed in partnership with UK-based energy storage developer Alcemi, Coalburn 1 is set to become one of the largest BESS projects in Europe.