Elgin Secures £60 Million Revolving Credit Facility, Accelerating Renewable Energy Expansion

Elgin, a leading renewable energy company, has secured a £60 million revolving credit facility with Banco Bilbao Vizcaya Argentaria (BBVA), paving the way for the delivery of its ambitious solar and battery portfolio in the UK and Ireland. This strategic move builds on recent equity investments and signals Elgin's growing access to capital, further strengthening its position as it transitions to become an Independent Power Producer (IPP).

Powering the Green Energy Revolution with Confidence and Momentum

Unlocking Liquidity for Accelerated Renewable Energy Deployment

The £60 million revolving credit facility secured by Elgin will provide the company with increased liquidity, enabling it to expedite the delivery of its extensive development portfolio, which includes over 15 GW of solar and battery projects. With numerous projects poised to make critical financial investment decisions and enter the construction phase in the coming months, this strengthened financial foundation will instill greater confidence in Elgin's supply chain partners and project contractors, ensuring the seamless execution of these vital renewable energy initiatives.

Transitioning to an Independent Power Producer (IPP)

Elgin's strategic transition to become an Independent Power Producer (IPP) is gaining significant momentum, as the company leverages its newfound financial resources to grow its team and pipeline in both existing and new markets. This shift in business model positions Elgin as a key player in the renewable energy landscape, with the ability to own and operate its own generation assets, further solidifying its commitment to driving the green energy agenda forward.

Solidifying Industry Leadership through Successful Portfolio Transactions

The finance deal follows Elgin's recent success in the Irish market, where the company completed the sale of a portfolio of 16 solar projects to Allianz Capital Partners in December 2023. Elgin will continue to provide construction, asset management, trading, and optimization services for these projects, further strengthening its industry leadership and expertise.

Achieving Significant Planning Consent for Large-Scale Renewable Energy Projects

Elgin's continued success is also evident in its recent achievement of planning consent for 3 GW of renewable energy projects, a testament to the company's exceptional capacity for delivering large-scale, impactful renewable energy initiatives. This milestone underscores Elgin's dedication to driving the transition to a sustainable energy future, as it continues to expand its portfolio and solidify its position as a leading player in the industry.

Accelerating the Transition to Net Zero with Confidence and Commitment

Ronan Kilduff, CEO of Elgin, expressed his enthusiasm for the company's newfound financial strength, stating, "Elgin's new delivery strategy and transition to an IPP is gathering significant momentum. 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." This sentiment reflects Elgin's unwavering dedication to driving the green energy agenda forward, as it leverages its enhanced financial capabilities to deliver on its ambitious renewable energy goals.