Danish investment firm Copenhagen Infrastructure Partners (CIP) says its majority stake in Elgin Energy will help the Irish solar developer to transition into an independent power producer (IPP).

CIP has acquired a majority stake in Irish solar developer Elgin Energy.

CIP and Elgin's management have jointly invested GBP 250 million ($316.8 million) in Elgin, enabling the company to become an IPP and a fully integrated solar and storage company. The details of the investment split remain undisclosed.

CIP made its investment through its flagship fund, CI V. With a fundraising target of €12 billion $13 billion), CI V is designed to invest in wind, solar and energy storage technologies with a focus on Europe, North America and the Asia-Pacific region.

Nischal Agarwal, a partner in the CIP Flagship investment team, said the firm’s expertise in procurement and construction will support Elgin Energy’s evolution into an IPP.

“With CIP's support, we are well-positioned to achieve our ambitious goals, including our commitment to create over 100 new jobs at Elgin and accelerate towards a net-zero future,” added Elgin CEO Ronan Kilduff.

Elgin has delivered close to 2 GW of PV and storage projects and claims to have 15 GW of projects in the UK, Irish and Australian markets in the pipeline, covering standalone solar, solar co-located with battery storage, and standalone battery storage.

In January, CIP obtained a 100% ownership stake in Soltec’s Danish early-stage solar PV portfolio.