Berenberg Green Energy Junior Debt Fund III has entered into an agreement to finance the late-stage development of Elgin Energy’s 1360MW solar portfolio.
The Fund will finance around 50 separate solar projects across Ireland and the UK, once the late-stage project development phase is reached.
The first projects from the portfolio are expected to be ready to build by the fourth quarter of 2022.
The projects will be developed to energisation by Elgin Energy through its established partnerships with third parties.
To date, Elgin has delivered a 98% success rate through planning (60 out of 61 projects) across all its markets and has the ambition to deliver in excess of 5GW by 2025.
Berenberg head of infrastructure & energy Torsten Heidemann said: “We are pleased to partner with Elgin Energy in the development of this significant project pipeline.
“The partnership expands the reach of our Green Energy Junior Debt Fund with projects in Ireland and the UK and offers investors the opportunity to have a direct and positive impact on the deployment of renewables to secure decarbonisation goals.
“Elgin has a strong track record of performance in the market and we look forward to building our relationship into the future.”
Elgin Energy managing director Ronan Kilduff added: “This is a step change for the Elgin Energy business in terms of the quantum of our development capital and will accelerate the deployment of a significant portion of our portfolio of utility scale solar projects.
“Elgin Energy has a total portfolio of projects in late-stage development totalling over 3.7GW across three key markets of UK, Australia and Ireland.
“We are thrilled to be working with the Berenberg team in whom we believe we have found a strong long term strategic partner and we look forward to working with them in future.”