Renewco Power expands its platform into the U.S. through the acquisition of a 1.5GW pipeline of utility-scale, early-stage solar projects along with 500 MW battery storage projects from Beaufort Rosemary (Virginia-based developer).
As part of the deal, the Scottish-based renewable power business is also forming a partnership with Beaufort Rosemary to jointly develop more sites, with the goal to bring 3 GW of solar and storage projects to the “ready to build” stage within five years. The venture will be focused on the states of the U.S. Southeast and Midwest, which have lower renewables penetration and have ambitious clean energy generation goals.
Renewco’s move to the U.S. is being supported by a further funding commitment of £24 million from Corran Capital, the clean energy and sustainability investor, which raised the capital from low carbon infrastructure company, SSE plc. This brings Renewco’s total funding commitments to £48 million just nine 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.,” comments 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.”