Elgin, an integrated, utility-scale solar and storage independent power producer, has secured up to £500 million (~$672 million) of funding from a banking syndicate to accelerate the build-out of its U.K. pipeline over the coming years.
The banking group, including BNP Paribas, Siemens Bank, Société Générale, Standard Chartered, and NatWest, which also acted as the sole structuring and coordinating bank.
The company secured eight contracts in the U.K.’s Allocation Round 7 (AR7) Contracts for Difference auction in February, totaling 382 MW of capacity. The company secured contracts totaling 164 MW in the previous AR6 in 2025 and 130 MW in AR5 in 2023. Construction on some of these projects has already commenced, with ground broken on the 24.5MWp Maes Mawr solar project in Glamorgan, Wales.
“This £500 million (~$672 million) financing facility is a significant milestone for Elgin as we continue our transition into a leading Independent Power Producer (IPP). The funding will support the delivery of our near-term solar and co-located projects, accelerating our contribution to the U.K.’s energy transition while responding directly to the need for more flexible and resilient infrastructure. The outcome reflects the strength of our development platform and the quality of the team behind it, as well as the confidence shown by our investment partners in Elgin’s strategy and execution capability.”
The projects funded through this financing are planned to be commissioned in the coming years, with all expected to be operational before 2030.
Founded in 2009, Elgin has a team of over 140 operating across offices in Dublin, London, Ulm, and Rome. Elgin is backed by Copenhagen Infrastructure Partners, which acquired a majority stake in 2024. The company is said to have delivered over 1 GW of ready-to-build projects, with more than 200 MW currently under construction across the U.K. and Ireland.
Large-scale project funding increased by 73% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Energy Storage Funding and M&A report. Deal activity also rose sharply, up 71% YoY.
Recently, Dimension Energy, a community solar developer, owner, and operator, secured $650 million in construction and term financing to support a portfolio of 25 community solar projects with a combined capacity of 132 MW.
