Published: 1 Mar 2022, 11:59
Elgin Energy has formed a joint venture with engineering technical advisors Solrac to create a new asset manager for solar and storage projects.
The companies said that Elgin Energy Asset Management (EEAM) will focus on innovation and quality from development to operations.
Ronan Kilduff, chief executive officer of Elgin Energy, said: “We have worked with Solrac for several years, bringing us technical knowledge to enhance our development process. This partnership will further improve project delivery and consolidate the trust of our partners. The transition into asset management makes Elgin Energy a one-stop-shop in the solar utility market.”
Elgin Energy currently has a portfolio of over 5GW of late-stage projects in development across the UK, Australia and Ireland. The 12-year old company has been particularly active over the last year, and in January sold 12 ready-to-build projects with a total capacity of 519MW to Iberdrola subsidiary ScottishPower.
In July 2021, it also sold a 14MW solar portfolio in the Republic of Ireland to Greek industrial conglomerate Mytilineos.
Eglin Energy raised £25 million and announced it was targeting 5GW in November 2021, as well as signing a new financing deal with German bank Berenberg to accelerate utility-scale project deployment and completing a £4.35 million fundraise with Focus Capital Partners to support the development of a 210MW portfolio of UK solar projects earlier that year.
Solrac has delivered services to over 2GW of solar projects at various stages of their lifecycles since it was established in 2018. This includes to Elgin Energy’s 519MW portfolio.
“This joint venture will allow the Solrac team to scale further to assist old and new investors on all the technicalities surrounding solar and storage projects,” said Carlos Javier, CEO of Solrac.
“Under EEAM, the Solrac team will be able to continue delivering the high-quality service our clients have come to expect, while at the same time having the resources to further improve our team’s capabilities.”