Monday, May 20, 2024

Elgin Energy sells stake to Copenhagen Infrastructure Partners fund

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Copenhagen Infrastructure Partners said it has bought a majority shareholding in Elgin Energy, best known in Ireland, Britain, and Australia for its solar energy and battery storage projects.

It comes after the Government’s Ireland Strategic Investment Fund (Isif) said earlier this week it had invested €200m in “a flagship fund” run by Copenhagen Infrastructure Partners.

Copenhagen Infrastructure Partners (CIP) said its latest deal-making will entail it investing €250m into Elgin Energy to help Elgin “grow its team and pipeline in existing, and new markets, and develop into a fully integrated and full-service solar and storage company”. 

Elgin’s chief executive Ronan Kilduff said: 

With CIP’s support, we are well-positioned to achieve our ambitious goals, including our commitment to create over 100 new jobs at Elgin, and accelerate towards a net zero future. 

Copenhagen Infrastructure Partners said it manages 12 funds around the world and has so far raised around €28bn. It employs 500 staff at 12 offices around the world.

Isif, which is part of the Government’s National Treasury Management Agency, said this week that its investment in Copenhagen Infrastructure Partners comes after the fund was involved with Norway’s Statkraft in building an offshore wind project in the Irish Sea.

“Elgin is a perfect fit for CIP’s investment strategy given its strong leadership and culture, market leading development expertise, high quality pipeline of scale and significant growth potential in markets with attractive fundamentals,” said Nischal Agarwal, partner at Copenhagen Infrastructure Partners.

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