Boost for Scotland’s wind and solar ambitions as Glasgow firm nets £29 million
“The strength of Renewco’s Scottish project pipeline reflects the wealth of opportunity and potential in our renewable energy industry” – Ross Dobbie, Scottish National Investment Bank
A Glasgow-headquartered renewable energy developer is looking to ramp up investment in wind and solar projects across the country after securing further substantial funding.
The taxpayer-backed Scottish National Investment Bank (SNIB) has invested £20 million in Renewco Power, 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 as part of the round.
Established in 2021 by a team of experienced renewables and finance executives, Renewco has developed a diversified pipeline of more than seven gigawatts across solar, onshore wind, battery storage and green hydrogen projects. The firm currently 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.
The fresh 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.
Chief executive Gavin McCallum 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,” he added.
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.
“We are a mission-led bank, looking to solve some of the great challenges we face as a society through enabling long-term economic growth and impact. Our investment in Corran’s fund and support for Renewco is aligned to our net zero mission, which aims to address the climate crisis through growing a fair and sustainable economy.”
Make sure you keep up to date with breaking news from across Scotland by signing up to our free newsletter here.
Gary Le Sueur, a partner at Corran Capital, added: “Renewco is an impressive home-grown Scottish business success story which we have been proud to back from day one. We are thrilled to secure new investment from the bank and SSE, both of whom are as passionate as Renewco about supporting Scotland’s energy transition and achieving the country’s net zero targets.”
The Scottish National Investment Bank was established in November 2020. It is owned by Scottish Government ministers, on behalf of the people of Scotland, but operates independently from government.
The Scottish Government has said it is committed to capitalising the bank with £2 billion in its first ten years. Over time, as the bank’s initial investments are repaid, it will reinvest those funds in more businesses and projects, creating a “perpetual investment fund” to support the Scottish economy in the long term.
Comments
Want to join the conversation? Please or to comment on this article.