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New Deal


Announced

Iberdrola-backed ScottishPower to acquire 17 solar photovoltaic projects from Elgin Energy and Lightsource.

Financials

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Transaction Value-
Consideration TypeCash
Capital Owned-
Capital Bid For100%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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Pending

Domestic

Renewable Energy Equipment

Single Bidder

Acquisition

Private

Friendly

photovoltaic projects

Majority

United Kingdom

Synopsis

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Iberdrola-backed ScottishPower, a provider of energy services, agreed to acquire 17 solar photovoltaic projects from Elgin Energy, a developer of solar projects, and Lightsource, a solar PV projects manager. Financial terms were not disclosed. “Moving into 2022, we are continuing to push forward our plans at ScottishPower to support the transition to Net Zero. This boost to our solar generation pipeline complements our existing growth plans for wind and storage. With plans to invest close to £4bn by 2025, doubling the volume of renewable electricity we produce, we are taking action every day to deliver on our commitment to deploy more renewables – at scale and at speed – to electrify how we live, work and travel. This addition to our portfolio will help accelerate that journey and play an important role in tackling the climate emergency," Lindsay McQuade, ScottishPower CEO.

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