Solar power developer Elgin Energy could double jobs to 200 after luring Copenhagen Investment Partners as a new backer in a near €300 million deal.
Copenhagen will take a majority stake in the company, according to a statement, which noted that “retained management” would invest alongside its new backer. Neither said how they would split the investment.Elgin said that its executives would “remain substantial shareholders” and stay to build the business “which currently employs 100 people and will likely double in size over the next 12 months”.
Copenhagen’s move will enable the firm to become an independent power supplier as the Danish group has its own expertise in procurement and construction. Construction is scheduled to begin on those facilities this year, while 14 of them have contracts under the State’s Renewable Energy Support Scheme, which guarantees prices for the electricity they supply.
He added that its support would position the company to “achieve our ambitious goals, including our commitment to create over 100 new jobs at Elgin”.