Renewco Power has secured £29m in funding to progress renewable energy projects in the UK, Spain and Italy.
The Scottish National Investment Bank (SNIB) has supplied £20m to the Glasgow-based developer, via a fund managed by Corran Capital, while existing shareholder SSE has committed a further £9m.
Renewco said the funds will be used to advance its around 7GW pipeline of wind, solar, battery and green hydrogen projects across Scotland and wider Europe.
Chief executive officer Gavin McCallum said: “This investment is a strong endorsement of the team and quality of our project pipeline that we have assembled over the last five years.
“We are proud to be a Scotland headquartered business and the Bank is a natural fit to support us on our growth journey.
“This investment allows us to remain at the forefront of renewable energy in Scotland and significantly contribute to the country’s net zero ambitions.”
SNIB investment director Ross Dobbie added: “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.
“We are a mission-led bank, looking to solve some of the great challenges we face as a society through enabling long-term economic growth and impact.
“Our investment in Corran’s fund and support for Renewco is aligned to our net zero mission, which aims to address the climate crisis through growing a fair and sustainable economy.”
Corran Capital partner Gary Le Sueur said: “Renewco is an impressive homegrown Scottish business success story which we have been proud to back from day one.
“We are thrilled to secure new investment from the Bank and SSE, both of which are as passionate as Renewco about supporting Scotland’s energy transition and achieving the country’s net zero targets.”
Photo left to right: Gary Le Sueur, Corran Capital; Ross Dobbie, SNIB; Gavin McCallum, Renewco Power