London, United Kingdom (UK) – UK solar+storage developer, Elgin Energy, and engineering technical advisors, Solrac, have announced they will join forces to create Elgin Energy Asset Management (EEAM). EEAM aims to become the best-in-class asset manager for solar+storage projects with a focus on innovation and quality from development to operations.
Commenting on the joint venture, Ronan Kilduff, Chief Executive Officer of Elgin Energy, said; “We have worked with Solrac for several years, bringing us technical knowledge to enhance our development process. This partnership will further improve project delivery and consolidate the trust of our partners. The transition into asset management makes Elgin Energy a one-stop-shop in the solar utility market.”
Carlos Javier, CEO of Solrac added; “We are extremely pleased to join forces with Elgin Energy in the new Elgin Energy Asset Management business. This joint venture will allow the Solrac team to scale further to assist old and new investors on all the technicalities surrounding solar and storage projects.
Under EEAM, the Solrac team will be able to continue delivering the high-quality service our clients have come to expect, while at the same time having the resources to further improve our team’s capabilities.”
About Elgin Energy
Elgin Energy is a full service, utility scale, solar+storage developer bringing projects from origination through development. The company has a portfolio of projects in late-stage development totalling over 5GW across three key markets of UK, Australia and Ireland.
Elgin Energy started 2022 with the announcement of the sale of the UK’s largest construction ready solar portfolio, to Scottish Power Renewables (subsidiary of Iberdrola). The portfolio consists of 12 ready-to-build projects located across England, Wales and Scotland, with a combined capacity of 519MW of solar and 70MW of co-located energy capacity. In 2021, Elgin Energy 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. In 2020, the company partnered, in separate transactions, with both Foresight Group and Metka-EGN in relation to two portfolios to deliver a total of 276MW of UK solar development projects and was successful with two Irish solar projects in Ireland’s first solar auction, RESS-1 – Renewable Energy Support Scheme (RESS). In addition to the above, Elgin Energy delivered 21 solar projects, totalling 230MW, before the UK Government’s Renewables Obligation (ROCs) scheme ended in 2017.
Elgin Energy works with long-term strategic partners to deliver projects to energisation and provides asset management services through their operational life. The company has expanded internationally over the last 12 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.
Solrac was founded in 2018 by Carlos Javier and Davide Orio with the aim to deliver high quality technical services to the solar industry. After only three and a half years, the company has delivered services across over 2GW of solar projects at various stages and was awarded the Solar & Storage Live award for best design of the year.
Solrac has been working with Elgin Energy for several years to deliver high quality technical support at different stages of the lifecycle of projects. Recently, Solrac contributed to the technical package for Elgin Energy’s 519MW portfolio, enhancing the project value and easing the process by providing the documentation necessary to make informed decisions.
Solrac has differentiated its services through investment in different areas of solar engineering and science, such as a mobile laboratory to test solar PV panels on site (flash test and electroluminescence) and a fleet of drones for different applications (3D mapping and topographical surveys). The expertise of the team has grown exponentially since inception and knowledge transfer from different sides of the business have allowed Solrac to apply its expertise across the lifecycle of the projects.