Solar and storage developer Elgin Energy has raised £25 million, and will target an ambitious medium-term growth strategy.
The company is looking to use the result of its oversubscribed fundraise process – which it conducted through Focus Capital Partners – to target 5GW of solar plus storage across its core markets by 2025.
“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.”