The investment was made 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 as part of the round.
Established in 2021 by a team of highly experienced and entrepreneurial renewables and finance executives, Renewco has developed a diversified pipeline of over 7 GW across solar, onshore wind, battery storage and green hydrogen projects. The business 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, underscoring Renewco’s commitment to Scotland and the wider UK renewable energy sector.
“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, CEO of Renewco. “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” added Ross Dobbie, investment director at the Bank. “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.”
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