IPP Elgin has secured up to £500 million in funding from a banking syndicate, which it says it will use to cover the construction of up to 1GW of solar and energy storage.
The fully integrated utility-scale independent power producer (IPP) said the projects earmarked for the financing will be powered over the coming years, ahead of the UK government’s 2030 clean energy target.
The banking group includes BNP Paribas, Siemens Bank, Société Générale, Standard Chartered and NatWest. NatWest also acted as the sole structuring and coordinating bank.
While the full pipeline of projects to be funded by the funding was not revealed, Elgin noted that ground has been broken on the 20MW Maesmawr solar power station in Glamorgan, Wales, which received a Contract for Difference (CfD) in allocation round 6 (AR6).
It was acquired by Elgin in 2025 as part of a 318 MW portfolio, of which 164 MW has CfDs from AR6.
Within Elgin’s pipeline are projects totaling 130 MW with CfDs of AR5 and 382 MW of the latest AR7. In AR7, Elgin was the developer that won the second most contracts, with eightbehind Innova, which received nine.
Dermot Kelleher, CEO of Elgin, said: “This £500 million financing facility is an important milestone for Elgin as we continue our transition to a leading IPP.
“The funding will support the delivery of our short-term solar and co-location projects, accelerating our contribution to Britain’s energy transition while responding directly to the need for a more flexible and resilient infrastructure.”
The IPP is majority owned by Copenhagen Infrastructure Partners acquired the company in a £250 million transaction through its fifth flagship fund, CIV, in April 2024.
