Elgin Energy Celebrates Milestone Portfolio Sale

Dublin, Ireland – Elgin Energy, a leading international solar company, is pleased to announce the portfolio sale of 191MW of 16 solar projects across Ireland to Allianz Capital Partners on behalfof Allianz Insurance Companies and further institutional investors. Elgin will provideconstruction, asset management, trading and optimisation services to the portfolio, establishing a long-term commitment to the projects.

This marks an evolution for Elgin Energy as this transaction sets a new standard in the company’s approach towards project development. 14 out of the 16 projects have secured contracts under the Renewable Electricity Support Scheme (RESS) 2, while the remaining two projects have secured RESS 3 contracts. The projects will start construction next year and will reach energisation throughout 2024 and 2025.

Ronan Kilduff, CEO of Elgin Energy, expressed his enthusiasm for this partnership, stating, “This is a pivotal moment for Elgin Energy. What we meticulously planned and worked towards over the past three years is now being realised through this project with Allianz Capital Partners. We look forward to not only continue contributing to Ireland’s renewable energy landscape but also working on this project with Allianz Capital Partners for years to come.”Building upon Elgin Energy’s success with the UK’s largest solar PV transaction in 2022, the completion of this transaction reinforces the company’s position as an integrated international solar company. Elgin Energy’s pipeline spans 14GW+ across the UK, Ireland and Australia, with a strong track record of success in government-backed auctions and securing financing for its growth strategy.

About Elgin EnergyElgin Energy (Elgin) is a leading international solar company, bringing projects from origination through development to energisation. The company has a portfolio of projects in late-stage development totalling14GW+ across three key markets: the UK, Australia and Ireland, with an unparalleled 98% success rate in gainingplanning permission across all its markets. Since being founded in 2009, Elgin has expanded internationally and has a team of over 80 people in its Dublin, London and Sydney offices.With a multi-GW pipeline across three technologies (solar only, co-located and storage only) in development across the UK, Ireland and Australia, it is regarded as one of the most active and experienced developers in each market. To date, it has delivered close to 1GW of ready-to-build solar PV and storage projects and in recent years, the company was successful in the UK and Ireland government-backed auctions (UK CfD and the IrishRESS-1, RESS-2 and RESS-3) on a total of 30+ projects.www.elgin-energy.com & https://www.linkedin.com/company/elgin-energy-limited/

About Allianz Capital PartnersAllianz Capital Partners is one of the Allianz Group’s asset managers for alternative equity investments and part of Allianz Global Investors. Allianz Capital Partners manages over 59 billion euros in alternative assets for the Allianz Group and third-party investors*. Our investment focus is on private equity, infrastructure and renewable energy. Our investment strategy aims to generate attractive, long-term and stable returns for our clients.*Data as of September 30, 2023