Scottish National Investment Bank Backs Renewco with £20 Million to Accelerate Renewable Energy Projects
Source：solarquarter
The Scottish National Investment Bank has committed £20 million to Renewco Power, a Glasgow-based renewable energy developer, through a fund managed by private equity firm Corran Capital, which focuses on clean energy and environmental investments. The investment round also includes an additional £9 million from SSE plc, an existing investor in Renewco.
Founded in 2021 by a team of experienced renewable energy and finance professionals, Renewco has built a diversified pipeline exceeding 7 GW, spanning solar, onshore wind, battery storage, and green hydrogen projects. The company employs 38 staff across offices in Glasgow, Edinburgh, London, Madrid, and Milan, with Scotland housing its largest renewables development team.
The funding will support the advancement of Renewco’s wind and solar projects throughout Scotland and the UK, while accelerating its broader clean energy transition in key European markets.
Gavin McCallum, CEO of Renewco, described the investment as “a strong endorsement of the team and the quality of our project pipeline.” He added that the partnership with the Bank will enable Renewco to remain at the forefront of Scotland’s renewable energy sector and contribute significantly to national net zero goals.
Ross Dobbie, Investment Director at the Scottish National Investment Bank, said the bank’s involvement reflects the “wealth of opportunity and potential” in Scotland’s renewable energy industry. He noted that the investment aligns with the Bank’s mission to drive sustainable economic growth and address the climate crisis through net zero initiatives.
Gary Le Sueur, Partner at Corran Capital, welcomed the Bank and SSE’s participation, highlighting Renewco as a “home-grown Scottish business success story” and underlining shared commitment to supporting Scotland’s energy transition and net zero objectives.
This latest funding round reinforces Renewco’s position as a leading renewable energy developer in Scotland and the UK, with projects spanning multiple clean energy technologies and markets.