Elgin Energy, one of the leading solar development platforms across the UK and Ireland, is pleased to announce it is partnering with METKA EGN, MYTILINEOS’ Renewables and Energy Storage (RSD) Business Unit, a world-class solar developer, to progress 76 megawatts (MW) of unsubsidised UK solar development projects to energisation; a 49.9MW project in England and two projects, totaling 26MW, in Scotland.
Once energized, the projects will provide enough cost competitive renewable electricity to power more than 25,000 homes and offset 42,000 tons of carbon emissions in the UK annually.
Commenting on the deal, Ronan Kilduff, Group Managing Director, Elgin Energy said;“This transaction underpins our strong relationship with MYTILINEOS and is further evidence that solar PV has established itself as a cost-effective utility-scale renewable technology. With the fastest installation times of any renewable energy technology, solar PV is now uniquely placed to speed up the UK’s drive to decarbonize its electricity grid and meet its ambitious target of net zero carbon emissions by 2050.”
Nikos Papapetrou, General Manager of the RSD Business Unit said; “We are pleased to partner with a progressive solar developer like Elgin Energy where our significant experience and engineering capability can help successfully integrate more renewable power to the UK grid. The acquisition of these projects will also consolidate our position in the UK market.”
Elgin Energy delivered 21 solar projects, totaling 230MW, under the UK Government’s Renewables Obligation Certificates (ROCs) scheme before it ended in 2017. Despite the withdrawal of Government support, Elgin Energy continued to originate and develop projects across the UK and currently has a portfolio of 62 projects in late stage development, totalling over 2 gigawatts (GW) in the UK market.
Elgin Energy’s Mr. Kilduff explained, “We have always been confident that solar PV would become a cost competitive utility scale energy technology and therefore continued to develop projects across our core markets. This transaction with MYTILINEOS reinforces that view.”
Advisors to the transaction for Elgin Energy
Financial advisors: John McIntyre & Colin Pollock, Carntyne
Advisors to the transaction for MYTILINEOS
Legal advisors: Harper Macleod for the Scottish Projects
Walker Morris for the English Project
Anne Arnold, Communications & PR Manager, Elgin Energy
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About Elgin Energy
Elgin Energy is an international solar development platform, with over 3GW in development across the UK, Ireland, and Australia. Elgin Energy delivers utility scale solar projects (20 – 100MW) from origination through the development process to energisation.
About MYTILINEOS S.A.
MYTILINEOS S.A. is a leading Greek industry active in Metallurgy, Power & Gas and EPC & Infrastructure. Established in Greece in 1990, the company is listed on the Athens Exchange, has a consolidated turnover of €2.3 billion and employs directly or indirectly more than 3,600 people in Greece and abroad.