Elgin has secured up to £500 million in financing to support construction of its UK solar and storage pipeline.
The company said the funding from a banking syndicate will accelerate delivery of projects totalling up to 1GW over the coming years.
Elgin added that it secured 382MW in the UK’s Allocation Round 7 Contracts for Difference auction, following 164MW in AR6 and 130MW in AR5.
The projects backed by the financing are scheduled to be operational before 2030, with construction already underway on the 24.5MWp Maes Mawr solar project in Wales.
The portfolio has the potential to reduce UK carbon emissions by more than 200,000 tonnes.
“This £500 million financing facility is a significant milestone for Elgin as we continue our transition into a leading Independent Power Producer (IPP),” said Dermot Kelleher, chief executive of Elgin.
“The funding will support the delivery of our near term solar and co-located projects, accelerating our contribution to the UK’s energy transition while responding directly to the need for more flexible and resilient infrastructure.”