Renewco Power was launched in September 2021 with seven people, strong financial backing and a plan to create a leading renewables platform with 4GW developed within 5 years.
From pretty much a standing start we have achieved a great deal in our first year. The highlight was our deal with US. based developer, Beaufort Rosemary, to acquire an early stage solar pipeline of 1.5GW with 500MW of storage projects. It is a great platform for Renewco in the US and we have our sights set on developing 3GW of ready to build assets there within 5 years. We expect some “tailwinds” from the recent Inflation Reduction Act in the US also.
We have made good progress developing our own pipeline of early stage projects in onshore wind, solar and storage projects in the UK. In Spain and Italy we are exploring both our own developments as well as co-development opportunities with local partners. Our approach is to develop strong in-country teams and pipelines that we can leverage with Renewco’s wider commercial and technical capabilities.
One year on we are 21 people, and in line with our “local approach” we now have experienced people with strong track records in Spain, Italy, US in addition to the UK. We have set out our values and behaviours, our purpose and our goals and ensure they are interwoven into everything we do and the decisions we make. We are also proud that in our first year we took a decision to run a graduate programme and that we recruited two graduates this September.
The first year has been exciting, fast paced and fruitful and as we move into our second year we believe we have strong foundations to further develop our pipeline of quality renewable energy projects in key markets. We will also explore opportunities in the Green Hydrogen value chain where we believe our international development experience can bring an edge to this frontier technology.
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