Published: 11 Jul 2023, 09:20
Solar and storage developer Elgin Energy has agreed to sell a 100MW portfolio of solar photovoltaic (PV) projects to Pennon Power.
Pennon Power, a wholly-owned subsidiary of the British water utility Pennon Group, will acquire the solar portfolio consisting of three projects ranging from 15MW to 50MW. All the projects are anticipated to be operational by the end of 2025 and are located in Buckinghamshire, Aberdeenshire and Cumbria.
The portfolio represents a total estimated capital investment of c.£85m and will have a combined generation capacity of 95GWh of electricity per year.
“We are pleased to have partnered with Pennon on this portfolio. We will continue to develop and deliver on our 14GW project pipeline across the UK, Ireland and Australia, working closely with landowners, local authorities and all related stakeholders.”, commented Ronan Kilduff, CEO of Elgin Energy.
Eglin Energy raised £25 million and announced it was targeting 5GW by 2025, as reported by Solar Power Portal in November 2021. The company signed a new financing deal with German bank Berenberg to accelerate utility-scale project deployment.
Pennon Group, who owns South West Water, Bristol Water and Bournemouth Water, said that the acquisition would increase its self-generation capacity to around 40% of its electricity usage, up from 25% currently. The company has a target to reach 50% self-generation by 2030.
“We are excited about this milestone and the positive impact it will have on our mission to achieve a greener, more sustainable world. We remain committed to spearheading transformative change and forging strategic partnerships to accelerate progress towards a carbon-neutral future”, said Susan Davy, CEO of Pennon Group.