In May, Cantor Fitzgerald Ireland completed a £4 million secured loan note fundraise for Elgin Energy (“Elgin”).
The loan note will accrue an annual coupon of 12% to investors which is paid on the sale of specific solar development projects in the UK. Elgin is a developer of solar photovoltaic projects across the UK and Ireland. Established in 2009, the company has a proven track record and experience 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.
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.
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.