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Elgin Energy and Foresight enter a joint venture to develop 200MW of UK solar PV projects

Six subsidy-free solar projects in development in England, Wales and Scotland.

Supporting UK transition to zero carbon economy by 2050.

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London, 23 September 2020: Foresight Group (“Foresight”) and Elgin Energy  (“Elgin” or “Elgin Energy”) are pleased to announce the formation of a joint venture (“JV”) to develop a pipeline of greenfield solar projects across the UK.

The JV aims to develop six projects located in England, Wales and Scotland, with a total generating capacity of 200MW.

Ronan Kilduff, Managing Director of Elgin Energy commented: “This important partnership with Foresight, a leading player in the UK solar industry, further enhances Elgin Energy’s successful transition into a post-subsidy world - fulfilling our 2020 vision of delivering large-scale, unsubsidised projects to market.

Peter Bolton, Director, Foresight added: “At Foresight we are pursuing opportunities for our investors that can offer strong returns from de-risked structures. We see solar PV enjoying a second phase of growth driven by continuing optimisation of assets and the ongoing reduction in the capital costs. The need to meet “net zero” targets and the potential reintroduction of Government support will further encourage the deployment of utility scale solar. Elgin has a strong track record and we look forward to building our relationship into the future.

Advisers to Elgin Energy

Financial:            Carntyne

Legal:                  MKB Law

Advisers to Foresight

Legal:                  Osborne Clarke

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