Renewable energy developer Renewco Power announced that it has raised £29 million through new investments, with proceeds aimed at advancing its wind and solar projects throughout Scotland and the UK, and to accelerate the transition to clean energy across its key European markets.

The funding round included a £20 million investment from Scotland’s development bank and impact investor, the Scottish National Investment Bank, and an additional £9 million from existing investor SSE plc.

Founded in 2021, Glasgow-based Renewco develops utility-scale clean energy projects across the UK and Europe. To date, the company has established a diversified pipeline of over 7GW across solar, onshore wind, battery storage and green hydrogen projects in core markets including the UK, Spain, and Italy.

Ross Dobbie, investment director at the Scottish National Investment 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.”

The company said that the new funding will enable it to focus on converting its pipeline into 2GW of ready-to-build renewable capacity by 2030 across its key 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. This investment allows us to remain at the forefront of renewable energy in Scotland and significantly contribute to the country’s net zero ambitions.”