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SNIB and SSE Invest £29m to Boost Scotland’s Renewable Energy Growth

Prime Highlights:

  • The Scottish National Investment Bank (SNIB) and SSE have invested a total of £29 million in Glasgow-based Renewco Power to advance its wind and solar projects across Scotland and the UK.
  • The funding strengthens Renewco’s position as a leading renewable energy developer, supporting Scotland’s net zero and clean energy goals.

Key Facts:

  • Renewco Power was founded in 2021 and has developed over 7GW of renewable energy projects, including solar, wind, battery storage, and green hydrogen.
  • The company employs 38 people across Glasgow, Edinburgh, London, Madrid, and Milan, with the largest team based in Scotland.

Background:

The Scottish National Investment Bank (SNIB) has invested £20 million in Glasgow-based renewable energy company Renewco Power to support Scotland’s shift to cleaner energy. The investment is through a fund managed by Corran Capital. Existing investor SSE plc added £9 million. The funding will support Renewco’s wind and solar projects in Scotland, the UK, and Europe, increasing renewable energy.

Gavin McCallum, Chief Executive Officer of Renewco Power, said the investment reflects strong confidence in the company’s direction and capabilities. He highlighted the firm’s Scottish roots and described the Bank as a natural long-term partner as Renewco continues to grow and contribute to Scotland’s net zero goals.

SNIB, Scotland’s development bank, focuses on investments that deliver both financial returns and positive societal outcomes. Ross Dobbie, Investment Director at the Bank, said Renewco’s projects show the big potential of Scotland’s renewable energy sector. He added that the Bank’s support aims to help unlock this opportunity while driving sustainable economic growth aligned with its net-zero mission.

Corran Capital partner Gary Le Sueur described Renewco as a standout Scottish success story and welcomed the additional backing from SNIB and SSE. He said the shared commitment among investors to Scotland’s energy transition and climate targets underpinned the latest investment.

The deal marks another milestone for Renewco Power as it continues to scale operations and play an increasingly prominent role in the UK and European renewable energy markets.