Acquisition of a majority share in Elgin Energy

Acquisition of Elgin Energy
Apr 2024
Deal Value:
Private process

FIH Partners advises Copenhagen Infrastructure Partners (CIP) on the acquisition of a majority share in Elgin Energy, a leading international solar company, designing and delivering projects across Ireland, the United Kingdom, and Australia. Following the transaction, the existing management team will retain a minority ownership stake and continue to operate the business together with CIP.

Founded in 2009, Elgin Energy is a leading developer of solar, battery storage and co-located solar and battery storage projects. The company has to date delivered close to 2GW of ready-to-build solar and storage projects and has an unparalleled 98% success rate in gaining planning permissions across its markets. Furthermore, Elgin has a strong track-record of identifying opportunities and currently has a diverse development pipeline surpassing 15GW.

As part of the deal, the retained management team and CIP will together invest GBP 250m into Elgin to further accelerate its ambitious growth plans in both existing and new markets. CIP’s backing and its industrial approach to procurement and construction combined with Elgin’s high-quality development capabilities and pipeline will enable Elgin to develop from a pure-play developer to an Independent Power Producer (IPP) with capabilities across the entire value chain.

CIP is making the investment via their fifth flagship fund, CI V, with a target size of EUR 12bn, which will make it the largest of its kind globally. The fund will target investments in a broad range of renewable technologies across Europe, North America and Asia Pacific.

FIH Partners acted as exclusive financial advisor to CIP on the transaction.