Renewco Power, a Glasgow-headquartered renewable energy developer, has raied £29 million to advance its wind and solar projects.
The Scottish National Investment Bank has provided £20m via a fund managed by Corran Capital, a specialist private equity firm focused on clean energy and the environment. SNIB joins existing investor, SSE, which has committed an additional £9m.
Established in 2021 by a team of highly experienced and entrepreneurial renewables and finance executives, Renewco has developed a diversified pipeline of over 7GW across solar, onshore wind, battery storage and green hydrogen projects.
The business employs 38 staff in Glasgow, Edinburgh, London, Madrid and Milan, with Scotland being home to the largest renewables development team in the business, underscoring Renewco’s commitment to Scotland and the wider UK renewable energy sector.
This latest investment will be used to advance Renewco’s wind and solar projects throughout Scotland and the UK while further accelerating the transition to clean energy across its key European markets.
Gavin McCallum, CEO, said: “This investment is a strong endorsement of the team and quality of our project pipeline that we have assembled over the last five years.
“We are proud to be a Scotland headquartered business and the Bank is a natural fit to support us on our growth journey. This investment allows us to remain at the forefront of renewable energy in Scotland and significantly contribute to the country’s net zero ambitions.”
Ross Dobbie, investment director at SNIB, said: “The strength of Renewco’s Scottish project pipeline reflects the wealth of opportunity and potential in our renewable energy industry. The bank’s investment will help to unlock this potential and accelerate the development of new capacity across Scotland.”
Gary Le Sueur, partner at Corran Capital, said: “Renewco is an impressive home-grown Scottish business success story which we have been proud to back from day one.”
#Renewco #Power #raises #29m #wind #solar #plans #Daily #Business