Scottish solar developer Renewco buys 1.5-GW US pipeline
Gavin McCallum. Source: Renewco Power.
Scottish renewables developer Renewco Power said today it is expanding its platform to the US by acquiring a 1.5-GW pipeline of early-stage solar projects along with 500 MW of battery storage projects from Virginia-based Beaufort Rosemary.
The Edinburgh-headquartered business has also formed a partnership with the seller in a drive to develop some 3 GW of solar and storage to a shovel-ready state within five years. The duo will focus on projects in the Southeast and Midwest of the US.
“With Renewco’s financial backing and significant development expertise, our projects can now be accelerated and the pipeline expanded,” stated Kevin Casey, founder and managing director of Beaufort Rosemary.
The Renewco platform was launched in September 2021 and was backed by Corran Capital with cornerstone funding from SSE Plc (LON:SSE). The renewables developer said today that Corran has made an additional funding commitment of GBP 24 million (USD 28.8m/EUR 28m) to double Renewco’s total to GBP 48 million.