16 July 2024
BBVA successfully closes GBP 60 million working capital facility with CIP’s Elgin Energy
BBVA has successfully closed a GBP 60 million working capital facility with leading international solar developer Elgin Energy, recently acquired by CIP’s flagship fund V. The financing will support the UK-based group in accelerating its transition to become an Independent Power Producer, as well as supporting the delivery of its late-stage development portfolio of over 15 GW of solar and battery projects.
Copenhagen Infrastructure Partners (CIP) today is the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind.
In April, CI V acquired a majority stake in Elgin, a leading international solar company. Founded in 2009, the company has grown internationally and now leads the development of projects in the UK, Ireland, Germany and Australia. Elgin's expertise spans from project origination through development to energisation, solidifying its position in the global solar market.
Lorena Portugal Cantera, Managing Director Financial Sponsors, GIB at BBVA C&IB, states: “CIP has become an strategic partner for BBVA’s role to universalize access to sustainable financial solutions, sharing the mission to make a meaningful contribution to the green transition. We look forward to supporting CIP and Elgin in their future developments creating a positive impact through sustainable energy.”
Beatriz Anoro Serrano, Executive Director for Financial Sponsors, FIGs & Insurance at BBVA Global Transaction Banking, states: “BBVA is committed to help its clients lead the energy transition and move towards a sustainable future. We are thrilled to partner with Elgin at this crucial stage of their expansion, providing the financial foundation they need to achieve their goals and contribute to a net zero future.”
Ronan Kilduff, CEO of Elgin Energy, explains: “Elgin’s new delivery strategy and transition to an IPP is gathering significant momentum. At this important stage of our expansion, both in terms of projects and people, this agreement will enable Elgin to move forward with confidence, accelerating our commitment to a net zero future. It is an exciting time for Elgin as we begin to see years of work being realised with multiple projects entering the construction phase. This deal highlights the company's potential and dedication to driving the green energy agenda forward”.
BBVA working capital services
BBVA’s wide range of working capital solutions and services help clients to optimize their cash and trade flows. These solutions are vital so that businesses can cover their short-term cash obligations, while never losing sight of their longer term sustainability. BBVA’s platforms, products and services enable clients to strike a dynamic balance between trade payables and receivables within the cash conversion cycle.
BBVA is committed to enable and promote sustainable business practices and recently increased its sustainable target to €300 billion for 2025. Additionally, in December 2023 BBVA was the most sustainable bank in Europe for the fourth year in a row in the Dow Jones Sustainability Index, the leading global index on sustainability.