The Scottish National Investment Bank has invested 20 million pounds in Renewco Power, a Glasgow-headquartered renewable energy developer, via a fund managed by Corran Capital, a specialist private equity firm focused on clean energy and the environment. The Bank joins existing investor, SSE plc, which has committed an additional 9 million pounds as part of the round.
This latest investment will be used to advance Renewco’s wind and solar projects throughout Scotland and the U.K. while further accelerating the transition to clean energy across its key European markets.
Established in 2021 by a team of highly experienced and entrepreneurial renewables and finance executives, Renewco has developed a diversified pipeline of more than 7 GW across solar, onshore wind, battery storage, and green hydrogen projects. The business employs 38 people at its offices in Glasgow, Edinburgh, London, Madrid and Milan, with Scotland being home to the largest renewables development team in the business.
“This investment is a strong endorsement of the team and quality of our project pipeline that we have assembled over the last five years,” said Gavin McCallum, Renewco CEO. “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.”
The Bank is Scotland’s development bank and an impact investor. Its investments support Scottish businesses and projects with the aim of delivering both commercial returns and societal benefits. “The strength of Renewco’s Scottish project pipeline reflects the wealth of opportunity and potential in our renewable energy industry,” said Ross Dobbie, the bank’s investment director. “The Bank’s investment will help to unlock this potential and accelerate the development of new capacity across Scotland.”
“Renewco is an impressive home-grown Scottish business success story which we have been proud to back from Day 1,” said Gary Le Sueur, Corran Capital partner.
More info www.renewcopower.com
