Copenhagen Infrastructure Partners’ (CIP) flagship fund CI V has acquired a majority stake in solar company Elgin Energy as it aims to become an independent power producer, according to an April 3 news release.

“Elgin is a perfect fit for CIP’s investment strategy given its strong leadership and culture, market leading development expertise, high quality pipeline of scale and significant growth potential in markets with attractive fundamentals,” Nischal Agarwal, partner in the CIP Flagship investment team.

“We are well placed to support Elgin in transforming into an IPP with our expertise in procurement and construction.”

CIP said it plans to invest £250 million (US$316 million) into the Elgin, combining CIP’s “industrial approach for procurement and construction with Elgin’s high-quality development portfolio.”

The Ireland-based solar company has delivered nearly 2 gigawatts of ready-to-build solar PV and storage projects and has a pipeline of 15 GW, according to the release.