Elgin, an integrated utility-scale solar and storage independent power producer, has secured up to £500 million in financing from a banking syndicate to accelerate the development of its UK pipeline over the coming years.

The financing consortium includes leading lenders in the UK renewable energy market, such as BNP Paribas, Siemens Bank, Société Générale, Standard Chartered and NatWest, which also acted as sole structuring and coordinating bank for the transaction.

The deal comes after a series of contract wins for Elgin in the UK’s Contracts for Difference (CfD) allocation rounds. In February 2026, the company secured eight contracts in Allocation Round 7 (AR7), totalling 382 MW of capacity. This follows awards of 164 MW in AR6 (2025) and 130 MW in AR5 (2023).

Projects supported by the financing are expected to come online over the next few years, with the aim of full commissioning before 2030. Several developments are already under construction, including the 24.5 MWp Maes Mawr solar project in Glamorgan, Wales.

The portfolio is expected to contribute to the UK’s net zero targets, with the potential to reduce carbon emissions by more than 200,000 tonnes.

Legal advisers on the transaction included Watson Farley & Williams for Elgin and DLA Piper for the lenders, while Fichtner, Marsh and Howden acted as technical and insurance advisers.

Elgin chief executive Dermot Kelleher said the financing marks a significant milestone in the company’s transition towards becoming a leading independent power producer.

“This £500 million financing facility is an important milestone for Elgin as we continue our transition towards a leading independent power producer (IPP). The financing will support the execution of our near-term solar and co-located projects, accelerating our contribution to the UK energy transition and addressing the need for more flexible and resilient infrastructure,” he said.

He added that the transaction reflects both the strength of the company’s development platform and investor confidence in its execution strategy.

Founded in 2009, Elgin develops, builds, owns and operates renewable energy assets across the UK, Ireland, Germany and Italy. The company has a pipeline of more than 10 GW across solar, standalone storage and co-located projects, and has delivered more than 1 GW of ready-to-build projects.

Elgin currently employs more than 140 people across offices in Dublin, London, Ulm and Rome, and is backed by Copenhagen Infrastructure Partners (CIP), which acquired a majority stake in 2024.

Copenhagen Infrastructure Partners, founded in 2012, is a global fund manager specialising in energy infrastructure investments, including renewable generation, storage, transmission and low-carbon fuels. The firm currently manages 15 funds and has raised approximately €37 billion, with projects in more than 30 countries supported by a network of over 2,300 professionals.