German bank Berenberg, through its Berenberg Green Energy Junior Debt Fund III, has agreed to finance the late-stage development of Elgin Energy’s 1,360 MW solar portfolio of around 50 solar projects across Ireland and the UK.
Berenberg will provide a total of €36 million (~$43 million) in credit to the projects, which will be drawn over three years.
Elgin Energy will develop the projects through its established partnerships with third parties. The first projects from the portfolio are expected to be ready to build by the fourth quarter of 2022.
Torsten Heidemann, Head of Infrastructure & Energy at Berenberg, said, “We are pleased to partner with Elgin Energy in the development of this significant project pipeline. The partnership expands the reach of our Green Energy Junior Debt Fund with projects in Ireland and the UK. It offers investors the opportunity to directly and positively impact the deployment of renewables to secure decarbonization goals. Elgin has a strong track record of performance in the market, and we look forward to building our relationship into the future.”
Ronan Kilduff, Managing Director of Elgin Energy, added, “Elgin Energy has a total of over a 3.7 GW of projects in late-stage development across three key markets of UK, Australia, and Ireland. We are thrilled to be working with the Berenberg team, in whom we believe we have found a strong long-term strategic partner, and we look forward to working with them in the future.”
In the first half of 2021, the announced large-scale solar project funding came to $8.3 billion in 95 project funding deals compared to $7.5 billion in 69 projects in 1H 2020.