Solar PV and Battery Portfolio: Copenhagen Infrastructure Partners Acquires Majority Stake in Leading International Solar Company Elgin

3 minute read | April.04.2024

Copenhagen Infrastructure Partners (CIP), a global leader in renewable energy, has, through its flagship fund CI V, acquired a majority stake in Elgin Energy to deliver and expand its existing 15 GW solar PV and battery portfolio. CIP together with Elgin’s retained management team will invest £250 million into Elgin.

Orrick represented CIP.


CIP is the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. CIP manages 12 funds and has to date raised approximately EUR 28 billion for investments in energy and associated infrastructure from more than 150 international institutional investors.

Elgin Energy (Elgin) is a leading international solar company, bringing projects from origination through development to energisation. The company has a portfolio of projects in late-stage development across three key markets: the UK, Australia and Ireland.


The investment will combine CIP’s industrial approach for procurement and construction with Elgin’s high quality development portfolio to enable Elgin to become an Independent Power Producer (IPP), grow its team and pipeline in existing and new markets, and develop into a fully integrated and full-service solar and storage company.

“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. We are well placed to support Elgin in transforming into an IPP with our expertise in procurement and construction,” commented Nischal Agarwal, partner in the CIP Flagship investment team, responsible for investments in Europe, in a statement.

“We are thrilled to embark on this transformative journey with Copenhagen Infrastructure Partners. This strategic partnership reinforces our financial strength while aligning with our vision to become the leading European solar company. Given CIP’s industrial background and approach, they are an ideal partner for Elgin in its next phase of growth and transformation into an IPP. With CIP's support, we are well-positioned to achieve our ambitious goals, including our commitment to create over 100 new jobs at Elgin, and accelerate towards a net-zero future,” added Ronan Kilduff, CEO of Elgin.


Orrick’s team that advised CIP was led by Evan Stergoulis and Ravinder Sandhu, supported by Simon Folley, Rebecca Grevitt and Rebecca Downes. Other valuable members of the Orrick team that provided valuable assistance included Albert Yu, Katie Cotton, Jonathan Rosen, Craig Bruce, Craig Johnston, Oliver Sikora, Charlotte Oliver, Andrew Holland, Milo Dunne and Christopher Lippert.


CIP news release

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