Renewco Power

About Renewco

Established in 2021 by a team of highly experienced and entrepreneurial renewables and finance executives, Renewco has developed a diversified pipeline of over 7GW across solar, onshore wind, battery storage and green hydrogen projects. The business currently employs 38 people at its offices in Glasgow, Edinburgh, London, Madrid and Milan, with Scotland being home to the largest renewables development team in the business, underscoring Renewco’s commitment to Scotland and the wider UK renewable energy sector.

Why we invested

Our investment in Renewco aligns with our net zero mission to address the climate crisis through a fair and sustainable economy while also supporting our place mission, which aims to transform communities and help people thrive

This investment will be used to advance Renewco’s wind and solar projects throughout Scotland and the UK while further accelerating the transition to clean energy across its key European markets.

"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.

“We are a mission-led bank, looking to solve some of the great challenges we face as a society through enabling long-term economic growth and impact. 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.”

Ross Dobbie

Investment Director

Key Information

Key Mission

Net Zero

Amount Invested

£20m

Location

Glasgow and Scotland wide

Co-investors

SSE

Key Quote

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. This investment allows us to remain at the forefront of renewable energy in Scotland and significantly contribute to the country’s net zero ambitions.”

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.”

Renewco Power