Dublin, Ireland, July 11th 2023 – Rubicon Capital Advisors (“Rubicon”) is pleased to announce its role as exclusive sell-side financial advisor to Elgin Energy Holdings (“Elgin Energy”) in reaching completion on the sale of a 100 MW portfolio of solar PV projects to Pennon Power (UK), a wholly-owned subsidiary of water utility Pennon Group plc (“Pennon”).
The transaction marks the sale of one of the largest solar PV portfolios in the UK this year, consisting of three ready-to-build projects across England and Scotland. Individual project capacities range from 15 MW to 50 MW, with a combined capacity of 100 MW.
The portfolio will play a pivotal role in contributing towards the UK’s 2050 Net Zero Strategy, not only generating low cost and low carbon electricity but also creating significant regional economic development and supplying zero-carbon electricity to homes across the UK.
Ronan Kilduff, CEO of Elgin Energy commented: “We are pleased to have partnered with Pennon on this portfolio. We will continue to develop and deliver on our 14GW project pipeline across the UK, Ireland and Australia, working closely with landowners, local authorities and all related stakeholders.”
“We are excited about this milestone and the positive impact it will have on our mission to achieve a greener, more sustainable world. We remain committed to spearheading transformative change and forging strategic partnerships to accelerate progress towards a carbon-neutral future”, commented Susan Davy, CEO of Pennon Group Plc.
Barry O’Flynn, Managing Director at Rubicon commented “We have a proven track record in working with global developers and large renewable energy portfolios of scale across the world. We are delighted to have advised Elgin on such an important transaction of scale in the UK. This transaction emphasises our continued focus on the global renewable energy and energy transition markets, working very closely with developers and infrastructure investors to facilitate and accelerate the funding and delivery of critically important sustainable infrastructure around the world.”
Per Mergermarket’s League Table Rankings, Rubicon has maintained for the past seven years its position as the #1 Global Financial Advisor on the number of transactions closed for M&A and refinancing of operating infrastructure. Rubicon is currently active on multiple M&A and debt financing transactions across the world and expects to announce further closings throughout 2023.
About Rubicon Capital Advisors
Rubicon is one of the world’s leading investment banking firms focused solely on the infrastructure, energy transition, digital & utilities sectors. With offices across Europe, the Americas and Asia, the firm has a truly global reach. Since its inception in 2011, Rubicon has closed on the sale, acquisition or refinancing of over 150 essential infrastructure, energy transition, digital & utilities assets located across Europe, North America, Latin America and Asia with a combined enterprise value of more than US$85 billion. The firm is regulated by the Central Bank of Ireland and its U.S. affiliate is a member of FINRA and SIPC and registered as a broker-dealer with the SEC.
Learn more about the firm at: www.rubiconcapitaladvisors.com and by following Rubicon Capital Advisors on LinkedIn and Twitter.
Elgin Energy is a full service utility-scale solar and storage developer, bringing projects from origination through development. The company has a portfolio of projects in late-stage development totaling over 14GW+ across three key markets of UK, Australia and Ireland.
In 2022, Elgin Energy sold the UK’s largest solar PV transaction to date, consisting of 12 projects totaling 521MW of solar PV projects and 70MW of co-located energy storage capacity to ScottishPower Renewables (UK), a wholly-owned subsidiary of global utility Iberdrola Group. In 2021 and 2022, the company was successful in the UK and Ireland government-backed auctions (UK CfDs and the Irish RESS-1 and RESS-2) on a total of 19 projects. In 2021, Elgin Energy also secured financing with Berenberg Green Energy Fund for the development of solar PV projects totalling 1.36GW in the UK and Ireland and also raised £25 million via Focus Capital Partners to fund its growth strategy across its core markets.
Elgin Energy works with long-term strategic partners to deliver projects to energisation and provides asset management and energy trading and optimisation services through their operational life. The company has expanded internationally over the last 14 years with a professional team of engineers, accountants and lawyers located in its London, Dublin and Sydney offices. Elgin has a 98% success rate through planning across all its markets.
Learn more about the first at: www.elgin-energy.com and by following Elgin Energy on LinkedIn
About Pennon Group
Pennon Group, owner of South West Water, Bristol Water and Bournemouth Water was founded in 1989. Pennon is a FTSE 250 listed company and one of the leading businesses in the UK water sector, providing clean water and wastewater services through our businesses across the Great South West, serving a population of c.3.5 million, across nine counties and c.380,000 business customers across the UK.
As well as delivering on its existing environmental commitments, the Group has announced that it will devote £160m to accelerate its achievement of its Net Zero 2030 commitments. This includes a c.£35m investment in a renewable energy generation site in Dunfermline, and c.£25m in increasing battery storage capacity.