Renewable vitality developer Renewco Energy introduced that it has raised £29 million via new investments, with proceeds aimed toward advancing its wind and photo voltaic initiatives all through Scotland and the UK, and to speed up the transition to wash vitality throughout its key European markets.
The funding spherical included a £20 million funding from Scotland’s growth financial institution and affect investor, the Scottish Nationwide Funding Financial institution, and an extra £9 million from present investor SSE plc.
Based in 2021, Glasgow-based Renewco develops utility-scale clear vitality initiatives throughout the UK and Europe. Up to now, the corporate has established a diversified pipeline of over 7GW throughout photo voltaic, onshore wind, battery storage and inexperienced hydrogen initiatives in core markets together with the UK, Spain, and Italy.
Ross Dobbie, funding director on the Scottish Nationwide Funding Financial institution, mentioned:
“The power of Renewco’s Scottish venture pipeline displays the wealth of alternative and potential in our renewable vitality trade. The Financial institution’s funding will assist to unlock this potential and speed up the event of latest capability throughout Scotland.”
The corporate mentioned that the brand new funding will allow it to concentrate on changing its pipeline into 2GW of ready-to-build renewable capability by 2030 throughout its key markets.
Gavin McCallum, CEO of Renewco, mentioned:
“This funding is a robust endorsement of the group and high quality of our venture pipeline that we’ve assembled over the past 5 years. We’re proud to be a Scotland headquartered enterprise and the Financial institution is a pure match to assist us on our progress journey. This funding permits us to stay on the forefront of renewable vitality in Scotland and considerably contribute to the nation’s web zero ambitions.”
