Renewable energy developer Renewco Power has successfully raised £29 million in a new funding round aimed at accelerating the development of wind, solar, storage and green hydrogen projects across the United Kingdom and key European markets, the company announced this month.
The capital raise was led by a £20 million investment from the Scottish National Investment Bank (SNIB), Scotland’s mission-led development bank focused on advancing net zero and sustainable economic growth. Existing investor SSE plc, one of the UK’s largest energy companies, contributed an additional £9 million.
Founded in 2021 and headquartered in Glasgow, Renewco has quickly built a significant clean energy development platform. Its diversified pipeline now exceeds 7 gigawatts (GW) of utility-scale renewable projects spanning solar photovoltaic (PV), onshore wind, battery storage and green hydrogen, with opportunities in the UK, Spain and Italy.
Renewco Power
A Strategic Investment for Growth
The funding will support Renewco’s efforts to convert a portion of its extensive pipeline into ready-to-build capacity, targeting 2 GW of construction-ready renewables projects by 2030 across its core markets. This includes advancing early-stage site development work, securing planning consents, grid connections and preparing for financial close.
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Gavin McCallum, CEO of Renewco Power, described the investment as “a strong endorsement” of the company’s team and its project portfolio. McCallum emphasized that the combination of public-sector backing through SNIB and continued support from SSE strengthens Renewco’s ability to deliver material contributions toward Scotland’s and the UK’s net-zero energy goals.
From the perspective of the Scottish National Investment Bank, the deal aligns closely with its mandates to support net zero outcomes and economic impact. Ross Dobbie, investment director at SNIB, noted that Renewco’s Scottish project pipeline underscores “the wealth of opportunity and potential in our renewable energy industry”, and that the bank’s capital will help unlock this potential by bringing new capacity to market.
Renewco’s Growing Footprint
Although Renewco is still a relatively young company, its rapid pipeline build demonstrates an ambitious strategy to participate in multiple segments of the clean energy transition. Unlike developers focused solely on solar or wind, Renewco’s portfolio includes energy storage and green hydrogen projects, recognizing the increasing importance of flexibility and decarbonized fuels in future energy systems.
Earlier in 2025, Renewco also agreed to collaborate with infrastructure investor Atlantica Sustainable Infrastructure to develop up to 2.2 GW of standalone battery energy storage system (BESS) projects across Spain, signaling its commitment to the fast-growing storage market which complements intermittent wind and solar generation.
Renewco Power
The company currently employs around 38 specialists across offices in Glasgow, Edinburgh, London, Madrid and Milan, with its largest development team based in Scotland.
Scottish National Investment Bank
Market and Policy Backdrop
Renewco’s latest financing comes at a time when the UK and European renewable energy sectors are navigating both opportunities and challenges. Governments are under increasing pressure to accelerate deployment of clean energy infrastructure to meet climate targets and enhance energy security following the energy price volatility seen in recent years.
In the UK, the establishment of Great British Energy as a publicly owned energy investment company earlier in 2025 underscores national ambitions to reinforce clean energy deployment and infrastructure investment across wind, solar and storage assets.
Meanwhile, across Europe, the integration of variable renewable resources is driving demand for battery storage and green hydrogen solutions, areas where Renewco is actively developing projects. Energy analysts note that large-scale storage facilities and flexible generation will be critical to balance grid supply and demand as wind and solar generation expands.
Outlook
With its latest funding and strategic partnerships, Renewco Power appears well-positioned to play a meaningful role in the energy transition across the UK and Europe. The company’s focus on advancing a significant pipeline and delivering construction ready projects reflects broader industry trends that prioritize scalability, innovation and diversified clean energy portfolios.
As the next step, Renewco will likely focus on securing regulatory approvals, forging additional offtake arrangements and progressing projects toward financial close—milestones that will be critical in translating its ambitious pipeline into operating assets that contribute to decarbonization and energy security goals region-wide.