Irish energy business Elgin has secured almost €600 million in backing from banks to fund expansion in the UK, the company confirmed on Monday.
Elgin focuses on developing solar energy and storage projects in Ireland, Britain, Germany and Italy.
The company said on Monday that it had secured up to £500 million (€584 million) in funding from banks including BNP Paribas, Siemens, Société Générale, Standard Chartered and NatWest.
Elgin will use the funds to build solar farms and storage facilities in Britain capable of supplying 1,000 megawatts (MW) of electricity, the company added.
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The Irish firm has begun building three solar parks in Staffordshire, Leicestershire and Wales with a combined capacity of 112MW of electricity.
These will be Elgin’s first three UK-owned projects, according to the company, supplying around 24,000 British homes with electricity as Britain looks to cut greenhouse gas emissions from its energy system.
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Elgin has struck long-term deals with local business, Erova Energy Group, to get its energy to customers and provide it with trading services, the Irish firm noted.
The energy business also secured UK renewable energy supports for projects totalling 382MW in a recent round allocating capacity.
The moves were among several taken over recent months to expand its British business.
Chief executive Dermot Kelleher said moving from developing projects to owning and running them was a step that could only be taken with the backing of investors, lenders and partners.
“The progress made across our UK business this year reflects that confidence as well as the strength of the platform and the team we have built to support it,” he added.
“We look forward to bringing this first UK-owned portfolio into operation and to continuing to grow our presence in one of Europe’s most important renewable energy markets.”
Elgin is working on projects capable of generating up to 10,000 megawatts of electricity and employs 140 people.
Specialist investor Copenhagen Infrastructure Partners bought a majority shareholding in the Irish company in 2024.
