UK solar and storage developer Elgin Energy said on Thursday it has raised some GBP 25 million (USD 33.3m/EUR 29.7m) in an oversubscribed fundraising through boutique corporate finance firm Focus Capital partners.

The company plans to use the proceeds to finance its medium-term growth strategy of having more than 5 GW of solar-plus-storage facilities across its core markets by 2025.

“This very successful and oversubscribed fundraise will allow us to scale our origination & development programme,” said CEO Ronan Kilduff.

In August, Elgin Energy announced arranging debt from German private bank Berenberg to finance the late-stage development of 1.36 GWp of solar projects in the UK and Ireland.