A SCOTTISH renewable power company has moved to expand in the United States with the acquisition of solar development pipeline.
Renewco Power said the 1.5GW pipeline of early-stage utility-scale solar projects is also alongside 500MW of battery storage projects from Beaufort Rosemary, an experienced Virginia-based developer.
The Edinburgh-headquartered firm said that as part of the deal it 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 firm said the venture will focus on states in the south east and midwest of the US where there is "a lower penetration of renewables and which have new ambitious clean energy generation goals".
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Renewco’s move to the US is being supported by a further funding commitment of £24 million from Corran Capital, a clean energy and sustainability investor, which raised the capital from SSE plc. It brings Renewco’s total funding commitments to £48m just nine months from formation.
Gavin McCallum, Renewco chief executive, said: “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."
Mr Casey said: “With Renewco’s financial backing and significant development expertise, our projects can now be accelerated and the pipeline expanded."
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