Solar and storage developer Elgin Energy has reached a deal with Berenberg, and the German bank will provide funding for the development of its 1.36GW photovoltaic investment portfolio.

Once in the later stage of project development, Berenberg’s Green Energy Primary Debt Fund III will fund approximately 50 photovoltaic projects in Ireland and the United Kingdom. The first batch of projects in the portfolio is expected to reach a ready-to-build state in the fourth quarter of 2022. Elgin will develop these factories through partnerships with third parties to stimulate their vitality.

Ronan Kilduff, managing director of Elgin Energy, said: "In terms of our development capital, this is a major change in Elgin Energy's business and will accelerate the deployment of most of our utility-scale solar project portfolio."

Elgin currently has a series of late-development solar projects in the UK, Australia and Ireland, totaling more than 3.7GW. The company’s recent expansion led to the formation of a joint venture with Foresight Group to develop 200 megawatts of solar energy in the UK, and it also succeeded in Ireland’s first Renewable Power Support Scheme (RESS) auction in 2020.

The auction of solar energy exceeded previous expectations, and the winning solar bidder received 796 MW of capacity, accounting for 34% of the total auction capacity. At the same time, according to data from the British trade association Solar Energy UK, the UK installed 13.3GW of installed solar capacity at the end of 2020. The association recently stated that if the country is to achieve its decarbonization target, the installed capacity needs to increase by two by 2030. Times, reaching 40GW.

Keywords: new energy, international engineering news, foreign engineering project information

In addition, the British Climate Change Commission stated that the country should transition to zero-carbon power generation by 2035 and have 85GW of installed solar capacity by 2050 in order to achieve its net zero goal. Editor/Baohongying