Renewco Power is expanding its platform into the US with the acquisition of a 1.5GW pipeline of early stage utility-scale solar projects, alongside 500MW of battery storage projects, from Virginia-based developer Beaufort Rosemary.
As part of the deal, the Edinburgh-based renewable power business is also forming a partnership with Beaufort Rosemary to jointly develop more sites, with the goal to bring 3GW of solar and storage projects to the ‘ready to build’ stage within five years.
The venture will focus on states in the south east and midwest of the US, where there is a lower penetration of renewables and which have new ambitious clean energy generation goals.
Renewco’s move to the US is being supported by a further funding commitment of £24m from sustainability investor Corran Capital, which raised the capital from SSE.
This brings Renewco’s total funding commitments to £48m, just nine months from formation.
Since launching last September with an initial commitment of £24m to underpin the start-up’s large scale solar and onshore wind development strategy, Renewco has continued to assemble a team with sector experience.
The company has now expanded in the UK and Europe, establishing a presence in both Italy and Spain, while adding battery storage expertise.
Gavin McCallum, chief executive of Renewco, commented: “I am delighted to have completed this acquisition, expanding the Renewco platform to the US and enabling us to accelerate the clean energy transition in one of the world’s largest renewables markets.
“This investment is a significant milestone for the business and testament to the confidence our backers have in the Renewco team to execute our plan of accelerating the development of clean energy projects across Europe and the US.”
Kevin Casey, founder and managing director of Beaufort Rosemary, commented: “Since launching our solar development business in 2018, we have successfully built a substantial pipeline of solar and storage projects by working closely with landowners and local communities 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.”
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