en.Wedoany.com Reported - UK renewable energy company Elgin has recently secured £500 million in financing from a consortium of banks to support the construction of solar and energy storage projects across the UK with a total capacity of 1 GW.

The banks involved in the financing include BNP Paribas, Siemens Bank, Société Générale, Standard Chartered, and NatWest, with the latter also serving as the structuring and coordinating bank.

This financing builds on Elgin's recent successes. The company secured eight contracts totaling 382 MW in the UK's seventh round of Contracts for Difference (CfD) auction in February 2026. Previously, Elgin won contracts for 130 MW in the fifth round auction in 2023 and 164 MW in the sixth round in 2025, enhancing its position in the UK's renewable energy sector.

The projects receiving financial support are expected to gradually become operational in the coming years, with the goal of having the entire portfolio fully online by 2030. Construction has already begun on some projects, such as the Maes Mawr solar project in Glamorgan, which has a peak capacity of 24.5 MW.

Once the portfolio is operational, it is projected to reduce the UK's carbon emissions by over 200,000 tonnes annually, contributing to national net-zero targets and enhancing energy system stability through the integration of solar and storage technologies.

Elgin's CEO, Dermot Kelleher, stated, "This £500 million financing arrangement is a significant milestone in Elgin's development. The funds will support the construction of our recent solar and co-located projects, accelerating our participation in the UK's energy transition while meeting the demand for more flexible infrastructure."

He added, "This achievement reflects the strength of our development platform and the expertise of our team, as well as the trust our investment partners have in our strategy and execution."

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