Elgin Energy sells 12 unbuilt solar generators to Iberdrola

Irish business Elgin Energy is selling 12 unbuilt solar-powered electricity generators to Spanish giant Iberdrola.

Dublin-based Elgin Energy builds solar power and other electricity plants in Ireland, Britain and Australia.

The company confirmed on Friday that Iberdrola subsidiary, Scottish Power Renewables, is buying 12 solar plants that Elgin is building in the UK.

Located across England, Scotland and Wales, the plants are at the "pre-construction stage" according to Elgin.

EDF shares plunge as Macron shields consumers from soaring energy bills

---

Shell to proceed with share buybacks as higher gas prices boost trading

---

EPA working to ensure ESB gets permits needed for new power plants

---

Closer scrutiny needed of ESB’s bidding approach and pricing

---

Neither side revealed the price, but Iberdrola noted in its statement that the plants will need a total investment of more than £300 million sterling (€360 million).

Once built and operating, they will be capable of generating enough electricity to power more than 144,000 homes.

The deal also includes batteries used to ensure steady electricity supplies from renewable generators.

Continue working

Ronan Kilduff, Elgin's chief executive, welcomed the news. He said that the Irish company would continue working on its Irish, British and Australian projects.

Iberdrola said that the deal would bring to almost 30 the total number of projects that it has bought over the last two years.

The Spanish group plans to spend €150 billion over the next decade on tripling its capacity to generate green electricity.

Iberdrola is building solar power electricity plants in Spain, US, Mexico, the UK, Portugal and Italy.