Elgin Secures £500 Million to Fund 1 GW UK Solar and Storage Pipeline

Elgin has secured up to £500 million in financing from a consortium of major lenders to support the construction of up to 1 GW of solar and energy storage projects across the United Kingdom.

The banking syndicate includes BNP Paribas, Siemens Bank, Société Générale, Standard Chartered and NatWest, with NatWest also acting as the sole structuring and coordinating bank.

The funding follows Elgin’s recent success in securing eight contracts totaling 382 MW in the UK’s Allocation Round 7 (AR7) Contracts for Difference auction in February 2026. This builds on earlier wins of 164 MW in AR6 (2025) and 130 MW in AR5 (2023), reinforcing the company’s growing presence in the UK renewable energy market.

Projects supported by the financing are expected to be energised over the coming years, with a target to bring the full portfolio online before 2030. Construction is already underway on select sites, including the 24.5 MWp Maes Mawr solar project in Glamorgan.

Once operational, the portfolio is projected to reduce carbon emissions in the UK by more than 200,000 tonnes annually, contributing to national net-zero targets and strengthening energy system resilience through integrated solar and storage solutions.

Legal advisory for the transaction was provided by Watson Farley & Williams and DLA Piper, while Fichtner, Marsh and Howden acted as technical and insurance advisors.

Dermot Kelleher, Chief Executive Officer, Elgin, said “This £500 million financing facility is a significant milestone for Elgin as we continue our transition into a leading Independent Power Producer (IPP). The funding will support the delivery of our near term solar and co-located projects, accelerating our contribution to the UK’s energy transition while responding directly to the need for more flexible and resilient infrastructure.

“The outcome reflects the strength of our development platform and the quality of the team behind it, as well as the confidence shown by our investment partners in Elgin’s strategy and execution capability.”