Prime Highlights:
- The Scottish National Investment Bank and SSE plc invest a total of £29 million in Glasgow-based Renewco Power to support the company’s renewable energy projects.
- Renewco is set to lead Scotland’s energy transition and contribute to the country’s net zero goals.
Key Facts:
- Renewco, founded in 2021, has a diversified project portfolio of over 7 GW, including solar, wind, battery storage, and green hydrogen.
- The company employs 38 people across offices in the UK and Europe, with its largest team based in Scotland.
Background:
The Scottish National Investment Bank invested £20 million in Glasgow-based Renewco Power, with SSE plc adding £9 million.
The new funding will help grow Renewco’s wind and solar projects in Scotland and the UK, and support its clean energy work in Europe, helping the push toward net-zero carbon emissions.
Gavin McCallum, CEO of Renewco, said, “This investment reflects confidence in our team and the quality of the projects we have developed over the past five years. Being headquartered in Scotland, it is fitting that the Bank supports us on this journey. The funding ensures we continue to lead renewable energy development in Scotland while supporting the country’s net zero ambitions.”
The Scottish National Investment Bank, a development bank and impact investor, focuses on supporting projects that generate both commercial returns and societal benefits. Ross Dobbie, Investment Director at the Bank, said the investment will help develop Scotland’s renewable energy projects and speed up the creation of new clean energy capacity.
He added that supporting Renewco fits with the Bank’s goal of promoting sustainable economic growth while addressing climate change.
Gary Le Sueur, partner at Corran Capital, said Renewco is a strong Scottish success story. With support from the Bank and SSE, Renewco will help Scotland reach net zero and grow clean energy projects in the UK and Europe.
