Language
Elgin Energy has finalised the sale of a 100MW solar PV portfolio to Pennon Power (UK), marking a significant contribution to the UK's Net Zero Strategy.
London, United Kingdom (UK) – Elgin Energy, leading international independent solar and storage developer, has agreed to sell a 100MW portfolio of solar PV projects to Pennon Power (UK), a wholly-owned subsidiary of the British water utility Pennon Group Plc. The portfolio sale consists of three projects located across England and Scotland. Individual project capacities range from 15MW to 50MW, with a combined capacity of 100MW. The portfolio represents a total estimated capital investment of c.£85m. It is anticipated that all projects will be operational during 2025.
The portfolio will play a pivotal role in contributing towards the UK’s 2050 Net Zero Strategy, not only generating low cost and low carbon electricity but also creating significant regional economic development and supplying zero-carbon electricity to homes across the UK. “We are pleased to have partnered with Pennon on this portfolio. We will continue to develop and deliver on our 14GW project pipeline across the UK, Ireland and Australia, working closely with landowners, local authorities and all related stakeholders.”, commented Ronan Kilduff, CEO of Elgin Energy.
“We are excited about this milestone and the positive impact it will have on our mission to achieve a greener, more sustainable world. We remain committed to spearheading transformative change and forging strategic partnerships to accelerate progress towards a carbon-neutral future”, commented Susan Davy, CEO of Pennon Group Plc
Elgin Energy is a full service, utility scale, solar+storage developer bringing projects from origination through development to energisation. The company has a portfolio of projects in late-stage development totalling 14GW+ across three key markets of UK, Australia and Ireland.
In 2022, Elgin Energy sold the UK’s largest solar PV transaction to date, consisting of 12 projects totalling 521MW of solar PV projects and 70MW of co-located energy storage capacity to ScottishPower Renewables (UK), a wholly-owned subsidiary of global utility Iberdrola Group. In 2021 and 2022, the company was successful in the UK and Ireland government-backed auctions (UK CfDs and the Irish RESS-1 and RESS-2) on a total of 19 projects. In 2021, Elgin Energy also secured financing with Berenberg Green Energy Fund for the development of solar PV projects totalling 1.36GW in the UK and Ireland and also raised £25 million via Focus Capital Partners to fund its growth strategy across its core markets.
Elgin Energy works with long-term strategic partners to deliver projects to energisation and provides asset management and energy trading and optimisation services through their operational life. The company has expanded internationally over the last 14 years with a professional team of engineers, accountants and lawyers located in its London, Dublin and Sydney offices. Elgin has a 98% success rate through planning across all its markets.
Visit our LinkedIn profile here.
Pennon Group, owner of South West Water, Bristol Water and Bournemouth Water was founded in 1989. Pennon is a FTSE 250 listed company and one of the leading businesses in the UK water sector, providing clean water and wastewater services through our businesses across the Great South West, serving a population of c.3.5 million, across nine counties and c.380,000 business customers across the UK.
As well as delivering on its existing environmental commitments, the Group has announced that it will devote £160m to accelerate its achievement of its Net Zero 2030 commitments. This includes a c.£35m investment in a renewable energy generation site in Dunfermline, and c.£25m in increasing battery storage capacity.
