In May Cantor Fitzgerald Ireland completed a £4 million secured loan note fundraise for Elgin Energy, a developer of solar PV projects across the UK and Ireland. In operation since 2009, the company has an established track record in delivering projects from initial landowner engagement to project completion. It has secured planning permission on over 50 sites across the UK and Ireland and has achieved a 98% success rate in attaining planning permission on projects submitted.
Elgin Energy has been developing solar projects in the UK since 2011 and has delivered 21 projects / 230MW to date. With a significant qualified pipeline in the UK, the development platform is positioned to address the changing needs of the UK electricity market.
As the impacts of climate change are increasingly evident, there is a growing global movement calling for a rapid transition to clean energy. As Ronan Kilduff, Managing Director of Elgin Energy, recently shared with us, solar PV is now the fastest deployable, scalable and democratic energy technology in the world. Solar PV (photovoltaic) converts sunlight into electricity and as it becomes more accessible, everyone can take part in the clean energy revolution. Solar PV is also the most cost-competitive low carbon energy technology. Due to continued cost reductions, solar PV has now reached a point where it does not require a government subsidy. For this reason, the UK solar market is experiencing a second wave of activity, with leading pension and insurance companies seeking to invest in the solar industry.
As the transition to a low carbon economy advances, Elgin Energy is poised to be a leader in their field within their selected markets. Solar is set to dominate all forms of energy from a delivery and cost perspective into the 2020s, without any additional cost or change to lifestyles. The key is to scale deployment across the economy.
With electricity set to be the leading fuel of the future, Elgin Energy’s view is that solar will deliver 50% of all new demand over the next two decades. This transition will not happen overnight, it will require huge investment from businesses and teams working together across the world.
The Elgin Energy team is excited to collaborate with Cantor Fitzgerald Ireland on the acceleration of their UK pipeline. Funds will be used for the development of a number of pre-selected UK solar development projects. An additional fundraise may take place later this year.
To speak with a Portfolio Manager or Account Executive, please phone the Cantor Fitzgerald dealing desk on 01 633 3633.
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