The energy company aiming to build a solar energy array near Devol Moor above Port Glasgow, in Inverclyde, has raised a further £20m investment with help from the Scottish National Investment Bank.
The bank has invested in Glasgow-headquartered renewable energy developer, Renewco Power, via a fund managed by Corran Capital, a specialist private equity firm focused on clean energy. The bank joins existing investor, SSE plc, which has committed an additional £9m as part of the round.
The Inverclyde project is Knocknair Renewable Energy Park and will include up to 25MW of Solar photovoltaic (PV) panels and a 24.9MW Battery Energy Storage System (BESS). The company is also working on a consented solar project with Locogen at Glenniston, near Lochgelly in Fife, and has planning consent for a 49.9 MW battery storage project on land near Milton Farm, Beattock, three miles from Moffat.
Established in 2021 by an international team of experienced renewables and finance executives, Renewco has developed a pipeline of over 7GW across solar, onshore wind, battery storage and green hydrogen projects.
The business employs 38 people at its offices in Glasgow, Edinburgh, London, Madrid and Milan, with Scotland home to the renewables development team. The investment will be used to advance Renewco’s wind and solar projects throughout Scotland and the UK helping to accelerate the transition to clean energy across its 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.”
He said the investment allows the firm to remain at the forefront of renewable energy in Scotland and significantly contribute to the country’s net zero ambitions.
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.
“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.”