Elgin has acquired a 318 megawatt (MW) portfolio of solar and storage assets located across six sites in the UK from a fund managed by Foresight Group. As a co-shareholder in the projects’ early development, Foresight’s collaboration with Elgin was essential in advancing the portfolio to its current stage. All six projects will now form part of the company's UK build-out programme, with construction on several of the projects expected to commence in the first half of 2025.
Four of the projects, totaling 164 MW, recently secured contracts in the UK’s latest Contracts for Difference (CfD) Allocation Round 6 (AR6), ensuring long-term price stability and highlighting their strong alignment with national renewable energy targets.
This acquisition follows Elgin’s investment from Copenhagen Infrastructure Partners (CIP) in March 2024 and represents the company’s first major acquisition since this strategic partnership. It also signals Elgin’s transition to becoming an independent power producer (IPP), strengthening its position in the UK market and further afield.
Ronan Kilduff, CEO of Elgin, commented:
“Acquiring this portfolio marks a defining moment for Elgin as we solidify our position as an independent power producer. These projects represent our commitment to delivering tangible, high-quality renewable energy solutions that align with the UK’s net-zero ambitions. We look forward to seeing these projects come to fruition and playing a key role in the nation’s energy transition.”
Anouska Morjaria, Associate Investment Director at Foresight, commented:
“We are delighted to have completed the sale of this portfolio of solar and storage projects to Elgin, having co-developed the projects since 2020. The realisation of this investment underscores our commitment to building sustainable energy solutions and we look forward to seeing these projects contribute to the UK’s energy transition in the coming years as we continue to support development activities across the UK, Europe, and Australia in solar, wind, storage, and other renewable energy assets to deliver long-term value for all stakeholders, globally.”
