Dublin: Tuesday, 23th November 2021.
UK solar and storage developer, Elgin Energy has raised £25 million in an oversubscribed fundraise process through Focus Capital partners. Elgin Energy will use the capital raised to fund its ambitious medium-term growth strategy of exceeding 5GW of solar+storage across its core markets by 2025.
Commenting on the fundraise, Ronan Kilduff, Chief Executive Officer of Elgin Energy, said; “This very successful and oversubscribed fundraise will allow us to scale our origination & development programme. Elgin Energy is now well positioned in terms of team, pipeline and funding to deliver on its long-term growth across core markets. I would like to thank all of the investors that supported Elgin in this process.”
Jack O’Keeffe, Director of Focus Capital Partners added; “We are pleased to have worked with Elgin to deliver this successful fundraise and look forward to continuing the relationship with this leading platform into the future. Elgin Energy’s proven track record and management team, in addition to it’s extensive qualified pipeline, is a sound foundation for a successful relationship and was seen as an attractive opportunity by investors. Renewables and infrastructure are growth sectors where Focus Capital has been very involved and we see further opportunities in these key asset classes to align investors with proven operators.”
Earlier this year, Elgin also secured £29m in project-specific funding with German bank Berenberg, for the development of 1.36GWp in the UK and Ireland.
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 4GW across three key markets of UK, Australia and Ireland.
In 2020, the company partnered with Foresight Group and Metka on 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.
About Focus Capital Partners
Focus Capital Partners (“Focus”) is a boutique corporate finance firm with offices in Dublin and Limerick. Focus provides a broad suite of Corporate Finance Advisory and Capital Raising Services specialising in five key areas including; Equity Fundraising, Debt Funding, Mergers & Acquisition, sourcing Foreign Capital, and Tax. The company has 34 staff with diverse and knowledgeable business backgrounds including ex CEO’s from Global Businesses and leading Partners from Professional Practice. Focus Capital’s clients comprise of leading Irish businesses, high net worth individuals and early growth stage business ventures throughout Ireland. Focus delivers long term value by working in partnership with clients and putting their needs first.
Media contact – Focus Capital Partners
Meggan Meade, firstname.lastname@example.org