Copenhagen Infrastructure Partners’ (CIP) flagship fund CI V has acquired a majority stake in solar company Elgin Energy as it aims to become an independent power producer, according to an April 3 news release.
“Elgin is a perfect fit for CIP’s investment strategy given its strong leadership and culture, market leading development expertise, high quality pipeline of scale and significant growth potential in markets with attractive fundamentals,” Nischal Agarwal, partner in the CIP Flagship investment team.
“We are well placed to support Elgin in transforming into an IPP with our expertise in procurement and construction.”
CIP said it plans to invest £250 million (US$316 million) into the Elgin, combining CIP’s “industrial approach for procurement and construction with Elgin’s high-quality development portfolio.”
The Ireland-based solar company has delivered nearly 2 gigawatts of ready-to-build solar PV and storage projects and has a pipeline of 15 GW, according to the release.
Recommended Reading
Axis Energy Deploys Fully Electric Well Service Rig
2024-03-13 - Axis Energy Services’ EPIC RIG has the ability to run on grid power for reduced emissions and increased fuel flexibility.
Tech Trends: AI Increasing Data Center Demand for Energy
2024-04-16 - In this month’s Tech Trends, new technologies equipped with artificial intelligence take the forefront, as they assist with safety and seismic fault detection. Also, independent contractor Stena Drilling begins upgrades for their Evolution drillship.
Tech Trends: Safety, Speed, Savings: Automation is Transforming Drilling
2024-03-26 - Drilling is getting smarter through automation, delivering efficiency, consistency and reliability.
Subsea Tieback Round-Up, 2026 and Beyond
2024-02-13 - The second in a two-part series, this report on subsea tiebacks looks at some of the projects around the world scheduled to come online in 2026 or later.
Tech Trends: QYSEA’s Artificially Intelligent Underwater Additions
2024-02-13 - Using their AI underwater image filtering algorithm, the QYSEA AI Diver Tracking allows the FIFISH ROV to identify a diver's movements and conducts real-time automatic analysis.