We acted for Elgin Energy Services Limited on the forward sale of a portfolio of 16 solar farm projects located across Ireland to Allianz Capital Partners. Allianz acted on behalf of Allianz Insurance Companies and other institutional investors. Combined, the portfolios have a combined capacity to generate 191 megawatts (MW) of electricity. Elgin was provided with financial advice by financial advisor Rubicon Capital Advisors.
Elgin will provide long-term construction, asset management, and trading and optimisation services to the portfolio under multiple project contracts. The projects have secured contracts under Ireland’s Renewable Electricity Support Schemes (RESS). Construction is starting in 2024, and they are expected to reach energisation throughout 2024 and 2025.
Eoin Cassidy, Energy Sector Lead Partner, commented: “This transaction represents one of the largest solar transactions by capacity in the Irish renewable energy market to-date. We were delighted to support our client through a complex process to a successful conclusion, and to support such an important development within the renewable sector.”
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