UK solar and storage developer Elgin Energy is set to sell 16 Irish solar farm projects, a portfolio representing 191MW of generation capacity, to Allianz Capital Partners.

This transaction is one of the largest solar transactions by capacity in the Irish renewable energy market to date.

The deal relates to 16 Irish projects that were purchased on behalf of the German insurer Allianz SE and other institutional investors and would likely represent a solar farm area of nearly 1,000ac.

Involvement

Construction work on the sites is set to start next year, while their commissioning is expected throughout 2024 and 2025.

As many as 14 of the projects have secured contracts under the Renewable Electricity Support Scheme (RESS) 2, while the other two have secured RESS 3 contracts.

Elgin says they will remain involved in the realisation of the assets as a provider of construction, asset management, trading, and optimisation services to the portfolio, establishing a long-term commitment to the projects.

The British firm currently has a pipeline of more than 14GW across the UK, Ireland, and Australia.