Renewco Power is increasing its platform into the U.S. with the acquisition of a 1.5 GW pipeline of early-stage, utility-scale solar tasks alongside 500 MW of battery storage tasks from Virginia-based developer Beaufort Rosemary.
As a part of the deal, the Scottish-based renewable power enterprise can also be forming a partnership with Beaufort Rosemary to collectively develop extra websites, with the objective to carry 3 GW of solar and storage tasks to the “ready to build” stage inside 5 years. The enterprise will concentrate on states within the Southeast and Midwest of the U.S. the place there’s a decrease penetration of renewables and which have new formidable clear energy technology objectives.
Renewco’s transfer to the U.S. is being supported by an additional funding dedication of £24 million from Corran Capital, the clear energy and sustainability investor, which raised the capital from low carbon infrastructure firm, SSE plc. This brings Renewco’s whole funding commitments to £48 million simply 9 months from formation.
“I am delighted to have completed this acquisition, expanding the Renewco platform to the U.S. and enabling us to accelerate the clean energy transition in one of the world’s largest renewables markets,” says Gavin McCallum, CEO of Renewco. “I am excited to be working in partnership with such an experienced and established developer as Beaufort Rosemary…Additionally, 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.”
“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 U.S.,” feedback Kevin Casey, founder and managing director of Beaufort Rosemary. “With Renewco’s financial backing and significant development expertise, our projects can now be accelerated and the pipeline expanded. I also welcome their strategic input and look forward to working in a strong partnership with Renewco’s team.”