DLA Piper advises banking syndicate on GBP500 million financing for Elgin solar and BESS pipeline

DLA Piper has advised a banking syndicate on an innovative platform financing to Elgin, a fully integrated, utility-scale solar and storage Independent Power Producer. This will help accelerate Elgin's build-out of its UK solar and BESS pipeline over the coming years.

The banking syndicate comprises the largest lenders to the UK renewables market including NatWest BNP Paribas, Siemens Bank, Societe Generale and Standard Chartered. The projects earmarked for this financing are scheduled to be energised over the coming years, with a target of all reaching commercial operations before 2030. The projects will have the potential to reduce UK carbon emissions by over 200,000 tonnes annually, making a significant contribution to meeting the UK’s Net Zero targets.

Elgin develops, builds, owns and operates renewable energy assets across the UK, Ireland, Germany and Italy. The company has delivered over 1GW of ready-to-build projects to date, with more than 200MW currently under construction across the UK and Ireland. Elgin is backed by Copenhagen Infrastructure Partners, which acquired a majority stake in 2024.

The DLA Piper team advising on the financing was led by Project Finance partner Seán McGrenaghan, together with partners Natasha Luther-Jones and Nikhil Markanday, and senior associates Tom Metcalfe and Natalie Etchells.

DLA Piper Finance partner, Seán McGrenaghan commented: “This financing is a huge achievement for the Elgin and CIP teams and represents another step towards the UK's net zero targets. Congratulations to our wonderful lender clients who worked incredibly hard throughout the financing process and to our magnificent DLA Piper team who can be very proud of their achievements on this and a host of other market leading transactions in recent times.”

Natasha Luther-Jones, Global Co-Chair of Energy and Natural Resources, added “Congratulations to Elgin and CIP on this landmark financing. We have seen Elgin grow from developer to IPP over the last fifteen years and this financing represents a real game changer for the entire Elgin team. Congratulations to our lender clients on reaching this milestone, which is a result of the hard work they all put in.”