The Scottish National Investment Bank has invested £20 m in Renewco Power (“Renewco”), 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 m as part of the round.
Gary Le Sueur, Founder and Partner at Corran Capital and Chairman at Renewco Power; Ross Dobbie, Investment Director of Net Zero and Energy Transition at the Scottish National Investment Bank; Gavin McCallum, Chief Executive at Renewco Power. Image Credit: Renewco Power
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 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 of Renewco, 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.”
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.
Ross Dobbie, investment director at the Bank, 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.”
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. 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.”