Elgin secures £500 million financing package for 1 GW UK solar and battery pipeline

Elgin secured a financing package of up to £500 million from a syndicate of banks to support the construction of approximately 1 GW of solar and energy storage capacity in the UK. The package will fund the build-out of projects scheduled to be energized over the coming years, with all assets targeted to be operational before 2030. The lender group includes BNP Paribas, Siemens Bank, Société Générale, Standard Chartered, and NatWest, with NatWest also acting as sole structuring and coordinating bank. This funding will support the delivery of Elgin's near-term solar and co-located projects, accelerating its contribution to the UK’s energy transition. Watson Farley & Williams advised Elgin on the transaction, while DLA Piper acted for the lenders.

Counterparts (11)

Lender

NatWest

company · 2 deals

NatWest provides banking and financial services to personal, business, and corporate customers. They offer financing solutions, including project finance and specialist asset finance, and are involved in sustainable finance initiatives.

Standard Chartered

company · 4 deals

Standard Chartered is a leading international banking group with a presence in 53 markets, primarily focused on Asia, Africa, and the Middle East. The bank provides a full range of banking services, including corporate and institutional banking, project finance, and sustainable finance solutions, with a strong emphasis on infrastructure development.

Société Générale

company · 8 deals

Société Générale has acted as a lender in two verified deals, totaling £500 million and $1.5 billion, respectively. These financings support renewable energy projects, specifically one solar project in the UK and one energy storage project in the USA. This indicates a focus on providing debt financing for solar and energy storage projects across international markets.

Siemens Bank

company · 2 deals

Siemens Bank GmbH, the captive bank of Siemens AG, provides project and corporate financing solutions globally, primarily supporting Siemens' industrial and infrastructure businesses across energy, healthcare, and industry sectors. As part of Siemens Financial Services, it contributes to a portfolio exceeding €34 billion in assets as of Q3 2023.

BNP Paribas

company · 9 deals

BNP Paribas is a global financial institution that provides financing and investment solutions across various sectors, including renewable energy. They support the development and deployment of renewable energy projects through project finance, advisory services, and capital markets solutions.

Buy-Side Legal

Watson Farley & Williams

company · 4 deals

Watson Farley & Williams (WFW) is an international law firm specializing in the energy, infrastructure, and transport sectors. Founded in 1982, the firm provides comprehensive legal advice on complex, high-value transactions and disputes globally, leveraging its extensive sector expertise and international network of 19 offices.

advisor

Howden

company · 1 deals

Howden provides mission-critical air and gas handling products and services, helping customers increase environmental and operational efficiencies and decarbonize operations. They offer engineered solutions for industrial processes, supported by a global network of experts in over 100 countries.

Fichtner

company · 2 deals

Fichtner is a leading independent engineering and consulting company providing technical consultancy, engineering, and project management services for infrastructure projects worldwide. They focus on energy, water, environment, and infrastructure sectors.

Marsh

company · 1 deals

Marsh is a global leader in insurance broking and risk management, empowering clients to thrive through perspective, expertise, and solutions. They offer consulting, brokerage, and claims advocacy services, leveraging data, technology, and analytics to help clients quantify and manage risk across various industries.

Sell-Side Legal

Dla Piper

company · 3 deals

DLA Piper is a global law firm that provides legal advice and services to clients in the renewable energy industry. They advise on project development, financing, M&A, and regulatory matters.

borrower

Elgin

company · 2 deals

Elgin Energy is an international solar company designing and delivering solar and storage projects across Ireland, the United Kingdom, Germany, and Australia. The company focuses on project development, construction management, grid connections, asset management, and trading and optimization services.