Powerhouse team forms to deliver on renewables promise
Drawing on more than 100 years of combined renewables development and investment experience, a renewable power business formed by a team of leading energy sector entrepreneurs has launched today (22 September).
Renewco Power's team has attracted a £24m investment from FTSE 100 energy company, SSE plc via Corran Capital. SSE’s financial contribution will enable Renewco to accelerate the implementation of the team’s high growth strategy.
The clean energy transition is a critical part of the global response to the climate emergency, a situation recently described by the UN as a ‘code red for humanity’.
Renewco Power aims to accelerate the development of clean energy projects focusing on the roll-out of large-scale solar and wind farms across the UK and Europe. It already has a gigawatt (GW) of early stage projects in the pipeline across the UK and Europe.
The company is targeting the development of assets with a capacity of more than 4GW within five years. This would be equivalent to powering approximately 2m households with clean energy - more than all the homes in Paris (1.1m), Madrid (1.2m) or Manchester (1.2m).
Renewco’s founders are a highly experienced and entrepreneurial group, including two of Europe’s most successful renewable power entrepreneurs, Frans van den Heuvel, former CEO of Solarcentury, and Alan Baker, former CEO of Airtricity-Scotland and Forsa Energy. The team is led by CEO, Gavin McCallum, who has a background in private equity and the energy sector including at BP Alternative Energy, with Alp Karli, Founder of solar power business, Value Renewables, and previously of Vestas, as Chief Commercial Officer, and Romain Keyen, formerly of Scottish Equity Partners (SEP), as Chief Investment Officer.
With more than 100 years of combined renewables development and investment experience, the founders have successfully developed in excess of 10GW of renewables in over 50 countries, raising over £2bn to finance these assets in the process.
The Edinburgh-based team was brought together by Gary Le Sueur, a former partner of SEP, who recently founded Corran Capital in Edinburgh to invest in clean energy and climate focused companies. He will chair Renewco and will be joined on the board by Derrick Allan, Head of SGN Smart, the smart meter service provider, and former Chair of Solarcentury.
Renewco’s CEO, Gavin McCallum, said: “There is a growing and urgent demand for utility-scale renewables projects across Europe, and we are excited about the potential we see for Renewco.
"Renewco has a unique blend of entrepreneurial talent with deep power sector and financial expertise which we will use to accelerate new developments across Europe. We will be growing our team over the coming months, adding further commercial expertise to accelerate the delivery of our strategy.”
Martin Pibworth, SSE Group Energy and Commercial Director, said: ”Renewco has a first class management team and this financial investment is one we expect to generate strong returns. We see this as a complementary investment to SSE’s own core renewables and distributed energy businesses and look forward to seeing Renewco deliver their ambitious plans.”
- Renewco is drawing on more than 100 years' experience in its founding management team to develop assets with a capacity in excess of 4GW within five years - the equivalent of powering approximately 2m households with clean energy
- The team has attracted £24m of investment from SSE plc, a Principal Partner of the COP26 global climate summit in Glasgow in November
- Read more about Renewco on its website: http://www.renewcopower.com/
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The Go Further Investment Index is an opportunity to engage, showcase and celebrate progressive businesses who are pushing through and achieving their aspirations through access to investment, impactful collaborations, and the foresight to inform and respond to the changing world around them.
It is open to Northern Powerhouse and Scotland-based businesses of all sizes and from all sectors, but we are particularly interested in businesses operating within bio-science, health tech, clean energy, decarbonisation, circular economy, data and digitisation, space and satellite, tech, AI and advanced manufacturing.
For more info visit www.gofurtherindex.co.uk.
Image: (L-R) Gary Le Sueur, Chair, and Gavin McCallum, CEO of Renewco.