Picture: Jadon Kelly, Unsplash
CIP has acquired a majority stake in Irish photo voltaic developer Elgin Vitality.
CIP and Elgin’s administration have collectively invested GBP 250 million ($316.8 million) in Elgin, enabling the corporate to grow to be an IPP and a completely built-in photo voltaic and storage firm. The main points of the funding break up stay undisclosed.
CIP made its funding by way of its flagship fund, CI V. With a fundraising goal of €12 billion $13 billion), CI V is designed to put money into wind, photo voltaic and power storage applied sciences with a deal with Europe, North America and the Asia-Pacific area.
Nischal Agarwal, a accomplice within the CIP Flagship funding group, mentioned the agency’s experience in procurement and building will assist Elgin Vitality’s evolution into an IPP.
“With CIP’s assist, we’re well-positioned to realize our bold objectives, together with our dedication to create over 100 new jobs at Elgin and speed up in direction of a net-zero future,” added Elgin CEO Ronan Kilduff.
Elgin has delivered near 2 GW of PV and storage tasks and claims to have 15 GW of tasks within the UK, Irish and Australian markets within the pipeline, overlaying standalone photo voltaic, photo voltaic co-located with battery storage, and standalone battery storage.
In January, CIP obtained a 100% possession stake in Soltec’s Danish early-stage photo voltaic PV portfolio.
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