PRESS RELEASE
Wednesday 19 June
Elgin Energy, the UK’s leading independent solar developer, has secured funding for a portfolio of their late stage pipeline.
Elgin Energy partnered with Cantor Fitzgerald Ireland to raise funds to progress development on their UK projects. £4.3 million was raised in this first fundraise, which closed in June 2019. Due to substantial interest an additional fundraise is proposed for later this year.
Jack O’Keeffe, Senior Director, and Alan Wall, Associate Director, in Cantor Fitzgerald Ireland Corporate Finance worked closely with Dermot Kelleher, Finance Director and Ronan Kilduff, Managing Director in Elgin Energy to secure and close the fundraise.
“This is the first fundraise we have managed with Elgin Energy. Our team and investors were impressed with the company’s long-term vision for development and believe that the timing is right for investment in solar PV. We are very excited to see the company’s progression and look forward to working together on further fundraising” commented Jack O’ Keeffe Senior Director, Cantor Fitzgerald Ireland Corporate Finance.
The funding will be used to progress development on a specific portfolio of projects from the company’s 2GW UK late stage development pipeline. That’s enough energy to power over half a million homes.
Elgin Energy has been developing in the UK since 2011 and has delivered 21 projects / 230MW to date. With the largest qualified pipeline in the UK, the development platform is positioned to address the changing needs of the UK electricity market.
As the ageing coal fleet in the UK continues to wind down (with all coal generators scheduled to close by 2025) conventional energy prices are becoming increasingly volatile and the capacity gap is widening. With increasingly competitive costs and fast installation times, solar PV is best placed to fill this capacity gap.
“The next phase of the solar industry “solar 2.0” is happening now in the UK. The market has adapted and matured over the past five years and new routes to market have developed. We expect installation to begin on our projects in 2020/21 and are involved in a number of processes to secure a route to market for them” commented Ronan Kilduff, Managing Director, Elgin Energy.
Following success in their home markets, Elgin Energy expanded operations into America and Australia in 2019. A Sydney office was established, and a general manager appointed, to begin development in South East Australia. 300MW+ is in development across the US with a local partner.
ENDS
About Elgin Energy
Elgin Energy is the leading independent solar development platform in the UK & Ireland, delivering solar projects from origination through the development process. The business’ core focus is developing utility scale projects of 20-50MW. With a 98% success rate in securing planning permission, they have secured consents on 50+ projects (550MW+) and delivered 21 projects (230MW) to date. 2GW+ of projects are at late stages of development across the UK and Ireland.
About Cantor Fitzgerald Ireland Corporate Finance
Cantor Fitzgerald Ireland Corporate Finance is a market leader in providing advisory and capital raising services. The team has particular expertise in advising high growth companies and SME’s across a range of sectors including technology, life sciences, renewable energy, food & beverage, social housing and property. With a strong track record in providing funding solutions for companies at various stages of development via a combination of debt, mezzanine debt and equity, the team has worked with a number of Irish businesses over the last 10 years, and since 2016 has raised in excess of €400m.
The team forms part of the global Cantor Fitzgerald Group with significant presence in Europe and the US. Cantor is a preeminent investment bank serving more than 7,000 institutional clients around the world, recognised for its strengths in fixed income and equity capital markets. Cantor and its affiliates employ over 10,000 people in 25 countries including major financial hubs worldwide.
Advisors to the transaction;
Advisors to Cantor Fitzgerald; Eoghan Doyle and Hugo Grattirola of Philip Lee solicitors Dublin
Advisors to Elgin Energy; Gordon McElroy of MKB Law Belfast
