Renewco Power raises GBP 29 million ($38 Million) in combined public and utility backed funding to accelerate onshore wind and solar development across Scotland, the UK and select European markets.
The deal aligns Scottish public capital with private equity and utility investment, reinforcing Scotland’s industrial strategy around clean power, energy security and domestic project pipelines.
Funding supports a 7 GW multi-technology pipeline spanning renewables, storage and green hydrogen, positioning Renewco as a fast-scaling mid-market developer in Europe.
Renewco Power, a Scottish-founded renewables developer, has secured GBP 29 million in new capital to push forward a rapidly expanding onshore wind and solar portfolio at a time when the UK and European markets are under pressure to deliver grid-ready capacity at pace.
The funding round includes GBP 20 million from the Scottish National Investment Bank and an additional GBP 9 million commitment from UK utility SSE plc. The investment was made via a fund managed by Corran Capital, a private equity firm focused on clean energy assets.
The capital will be used to advance Renewco’s onshore wind and solar projects across Scotland, the wider UK and selected European markets, according to a joint statement released by the parties.
A public private model for scaling clean power
The participation of Scotland’s development bank places the transaction firmly within the country’s wider industrial and climate policy framework. The Scottish National Investment Bank operates as Scotland’s development bank and impact investor, with a mandate to support the transition to net zero, foster innovation and crowd in private capital.
Renewco’s pipeline was a key factor behind the Bank’s decision to invest.
“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,” said Ross Dobbie, Investment Director at the Scottish National Investment Bank.
For policymakers, the deal highlights how targeted public capital is being used to de-risk early-stage development and attract utility and private equity participation, rather than substituting for it.
Renewco’s 7 GW growth platform
Founded in 2021 and headquartered in Glasgow, Renewco has scaled quickly. The company reports a development pipeline exceeding 7 GW across the UK and Europe, spanning solar, onshore wind, battery storage and green hydrogen.
Its largest development team is based in Scotland, with offices in Glasgow and Edinburgh, alongside a growing European footprint that includes London, Madrid and Milan. That geographic spread reflects Renewco’s strategy of building regionally grounded teams capable of navigating planning regimes, grid constraints and community engagement requirements.
The new funding will be directed toward advancing projects through development milestones, including planning, grid connection and early construction readiness. In a market where many projects stall due to capital bottlenecks at the development stage, access to patient growth capital is increasingly viewed as a competitive advantage.
RELATED ARTICLE: Macquarie Asset Management Provides €51M Financing for Finnish Onshore Wind Portfolio
Utility capital reinforces delivery focus
SSE’s participation adds a strategic dimension to the round. As one of the UK’s largest energy utilities, SSE has a direct interest in expanding domestic renewable capacity to support power system resilience, electrification and long term decarbonization targets.
Utility-backed investments in independent developers have become more common as large energy groups seek optionality over future offtake, partnerships or acquisitions without absorbing early-stage development risk onto their balance sheets.
While no offtake or ownership outcomes were disclosed, the investment underscores the role of utilities as anchor investors in the next wave of UK renewables growth.
What executives and investors should note
For C-suite leaders and investors, the transaction illustrates several broader trends. Public development banks are increasingly acting as catalytic investors rather than passive lenders. Mid-sized developers with credible pipelines are attracting blended capital structures that combine public mandates with private returns. Onshore wind and solar, once viewed as mature assets, are again drawing strategic attention as permitting reforms and energy security concerns reshape market dynamics.
At a regional level, the deal reinforces Scotland’s ambition to anchor clean energy value creation domestically, not only through generation but through development expertise, jobs and exportable capabilities.
As grid buildout and electrification accelerate across Europe, the ability to move projects from concept to construction-ready status will remain a critical bottleneck. Renewco’s latest funding positions it to compete in that race, while offering a case study in how aligned public and private capital can be deployed to unlock renewable capacity at scale.
Follow ESG News on LinkedIn
