Elgin Energy raises almost €30m to fund projects in its main markets

Solar power developer Elgin Energy has raised almost €30 million to fund projects in its main markets, the company said on Thursday.

Elgin is building solar-powered electricity generators and batteries in Ireland, Britain and Australia.

The company confirmed that it secured £25 million (€29.6m) through a fund-raising round organised by Irish-based Focus Capital Partners.

Elgin said it would use the cash to pay for solar power and battery storage projects capable of generating more than 5,000MW of electricity in its key markets by 2025.

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The company raised the cash through convertible loan notes – debt where investors have the option of converting to shares.

The move follows news in August that German lender Berenberg Bank pledged to loan the Irish company £29 million to back specific projects in Ireland and Britain.

Ronan Kilduff, Elgin chief executive, noted its offer was "oversubscribed", meaning investors offered more cash than the company sought.

“Elgin Energy is now well positioned in terms of team, pipeline and funding to deliver on its long-term growth across core markets,” he said.

Jack O’Keeffe, Focus Capital Partners director, added that investors saw Elgin as an attractive opportunity.

Last year two of Elgin's Irish solar projects succeeded in getting backing in the State's first Renewable Energy Support Scheme auction.

The company says that it built 21 solar projects with a total capacity of 230MW under the UK government’s Renewables Obligation Scheme before that programme ended in 2017.

In 2020 it joined forces with Foresight Group to develop solar projects with a total capacity of 276MW.