Renewco Power has secured £29 million ($37 million) in new funding to progress renewable energy developments across the United Kingdom, Spain and Italy, the company said.
The Glasgow-based developer said the Scottish National Investment Bank (SNIB) has committed £20 million through a fund managed by Corran Capital, while existing shareholder SSE has provided an additional £9 million.
Renewco said the capital will be used to advance its pipeline of around 7 gigawatts of projects spanning onshore wind, solar, battery storage and green hydrogen in Scotland and across wider Europe.
“This investment is a strong endorsement of the team and quality of our project pipeline that we have assembled over the last five years,” Renewco Chief Executive Gavin McCallum said. “This investment allows us to remain at the forefront of renewable energy in Scotland and significantly contribute to the country’s net zero ambitions.”
SNIB investment director Ross Dobbie said the bank’s backing reflected the scale of opportunity in Scotland’s renewable energy sector. “The Bank’s investment will help to unlock this potential and accelerate the development of new capacity across Scotland,” he said, adding that the funding aligns with the bank’s net zero mission.
Corran Capital partner Gary Le Sueur described Renewco as “an impressive homegrown Scottish business success story,” saying the firm welcomed the additional backing from SNIB and SSE to support Scotland’s energy transition.
Scotland has set legally binding targets to reach net zero emissions by 2045, with renewable energy development expected to play a central role in meeting those goals.
