Renewco Power has set its sights on US expansion with the acquisition of 1.5GW pipeline of solar projects and 500MW of battery storage projects from Virginia-based Beaufort Rosemary.
The Edinburgh-based renewables developer said the deal would grant it access to a pipeline of early stage utility-scale projects.
In addition, it will form a partnership with Beaufort Rosemary to jointly develop more sites, with the goal of carrying a further 3GW of solar and storage projects to the ‘ready to build’ stage within five years.
The venture intends to focus on states in the southeast and midwest of the US where there is currently a lower penetration of renewables, but where new sites will be spurred by state-level clean energy generation goals.
Renewco is owned by Corran Environmental, a fund advised and managed by Corran Capital. The latter successfully raised a further £24m from energy giant SSE to support the company’s US expansion, bringing total funding commitments to £48m, nine months since its formation in September 2021.
The business has now expanded in the UK and Europe, establishing a presence in both Italy and Spain, while adding battery storage expertise.
Chief executive Gavin McCallum described the deal as a “significant milestone for the business” and added: “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.”
Beaufort Rosemary founder and managing director Kevin Casey noted: “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.”