Wedoany.com Report-Jan 14, Solar and energy storage company Elgin has completed the deal to buy a "significant" portfolio of solar and battery storage assets in the UK, which it said marks a new chapter in its growth strategy.

Elgin has bought a 318 megawatt (MW) portfolio of solar and storage assets located across six sites in the UK from a fund managed by Foresight Group.

All six projects will now form part of the company's UK build-out programme, with construction on several of the projects expected to start in the first half of 2025.

Four of the projects, totaling 164 MW, recently secured contracts in the UK's latest Contracts for Difference (CfD) Allocation Round 6, ensuring long-term price stability and highlighting their strong alignment with national renewable energy targets.

Today's deal follows Elgin's investment from Copenhagen Infrastructure Partners (CIP) in March 2024 and represents its first major acquisition since this strategic partnership.

Ronan Kilduff, CEO of Elgin, said that buying the UK portfolio marks a defining moment for Elgin as it solidifies its position as an independent power producer.

"These projects represent our commitment to delivering tangible, high-quality renewable energy solutions that align with the UK's net-zero ambitions. We look forward to seeing these projects come to fruition and playing a key role in the nation's energy transition," he added.

Elgin has a more than 16GW pipeline spanning solar, co-located and storage projects across the UK, Ireland, Germany, Italy and Australia.