Business

Elgin Energy secures €71m revolving credit facility with Spanish bank

Solar power developer makes electricity farms and battery storage facilities in the Republic, the UK and Australia

Securing the revolving credit facility builds on recent equity investments and signals Elgin’s improving access to capital. Photograph: Michael Cooper

Colin Gleeson
Mon Jun 24 2024 - 14:43

Solar power developer Elgin Energy has secured a revolving credit facility of £60 million (€71 million) with Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA).

Elgin develops solar electricity farms and battery storage facilities in the Republic, the UK and Australia. The deal paves the way for the group to deliver its solar and battery portfolio in the UK and Ireland.

Securing the revolving credit facility builds on recent equity investments and signals Elgin’s improving access to capital.

The group said the deal supports its continued transition to become an independent power producer to grow its team and pipeline in existing and new markets.

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Elgin’s increased liquidity will also support the delivery of its development portfolio of over 15GW of solar and battery projects.

With many projects due to take financial investment decisions and enter construction over the coming months, this strengthening financial foundation will give further confidence to Elgin’s supply chain partners and project contractors.

“Elgin’s new delivery strategy and transition to an IPP is gathering significant momentum,” said Ronan Kilduff, chief executive of Elgin.

“At this important stage of our expansion, both in terms of projects and people, this agreement will enable Elgin to move forward with confidence, accelerating our commitment to a net zero future.

“It is an exciting time for Elgin as we begin to see years of work being realised with multiple projects entering the construction phase. This deal highlights the company’s potential and dedication to driving the green energy agenda forward.”

The finance deal follows Elgin’s successful portfolio sale of 16 solar projects in Ireland to Allianz Capital Partners in December of 2023 where Elgin is providing construction, asset management, trading, and optimisation services.

Elgin recently achieved planning consent for 3GW of projects, a testament to its continued success and capacity for large-scale renewable energy project delivery.

Since being founded in 2009, Elgin has expanded internationally and has a team of over 115 professionals in its London, Dublin, Munich, Madrid and Sydney offices.

Colin Gleeson

Colin Gleeson

Colin Gleeson is an Irish Times reporter

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