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Elgin Energy secures 130 MW in the UK's AR5 auction, a significant step toward the UK's renewable energy targets, contributing to almost 3% of current demand. Despite challenges, solar energy remains cost-effective, reaffirming Elgin's commitment to sustainability.
We are thrilled to share that Elgin Energy has been successful with 130 megawatts (MW) of solar assets in the UK's fifth contracts for difference (CFD) auction, known as Allocation Round 5 (AR5). This marks a significant milestone in our commitment to advancing clean energy solutions and contributing to a sustainable future.
This is a step forward in aligning with The UK government's ambitious target of getting 95% of the country's electricity from low-carbon sources by 2030 and fully decarbonising the grid by 2035. While our success in AR5 contributes to the country's renewable energy capacity, it's important to note that the 95 projects winning CFDs are expected to generate around nine terawatt hours (TWh) of electricity. This accounts for almost 3% of current UK demand, representing a significant increase in clean energy generation. Although, it's worth mentioning that this figure is 82% lower than last year's auction.
Despite the challenges and fluctuations in the energy landscape, solar energy remains one of the most cost-effective ways to generate electricity in the UK. Amid evolving industry dynamics and obstacles, this success underscores Elgin Energy's commitment to being at the forefront of sustainable energy solutions.
We are excited about the opportunities and responsibilities that are to come. Stay tuned for updates on our journey.
