Scottish company Renewco Power is expanding its platform into the US with the acquisition of a 1500MW pipeline of early stage utility-scale solar projects alongside 500MW of battery storage projects from Beaufort Rosemary.
Renewco is also forming a partnership with Beaufort Rosemary to jointly develop more sites, with the goal to bring 3GW of solar and storage projects to the ‘ready to build’ stage within five years.
The venture will focus on states in the Southeast and Midwest of the US where there is a lower penetration of renewables and which have new ambitious clean energy generation goals.
Renewco’s move to the US is being supported by a further funding commitment of £24m from Corran Capital, the clean energy and sustainability investor, which raised the capital from low carbon infrastructure company, SSE.
This brings Renewco’s total funding commitments to £48m just nine months from formation.
Renewco chief executive Gavin McCallum said: “I am delighted to have completed this acquisition, expanding the Renewco platform to the US and enabling us to accelerate the clean energy transition in one of the world’s largest renewables markets.
“I am excited to be working in partnership with such an experienced and established developer as Beaufort Rosemary.
“Their Founder and CEO, Kevin Casey, and I worked together in the US power sector in the early 2000s and I have every confidence in our joint ability to create a large and growing pipeline of solar and storage projects in the US.
“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.”
Beaufort Rosemary founder and MD Kevin Casey said: “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 US.
“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.”