Scottish National Investment Bank and SSE invest to develop Renewco’s pipeline

Glasgow, 22 December 2025

The Scottish National Investment Bank (“the Bank”) has invested £20m in Renewco Power (“Renewco”), a Glasgow-headquartered renewable energy developer, via a fund managed by Corran Capital, a specialist private equity firm focused on clean energy and the environment. The Bank joins existing investor, SSE plc, which has committed an additional £9m as part of the round.

Established in 2021 by a team of highly experienced and entrepreneurial renewables and finance executives, Renewco has developed a diversified pipeline of over 7GW across solar, onshore wind, battery storage and green hydrogen projects. The business currently employs 38 people at its offices in Glasgow, Edinburgh, London, Madrid and Milan, with Scotland being home to the largest renewables development team in the business, underscoring Renewco’s commitment to Scotland and the wider UK renewable energy sector.

This latest investment will be used to advance Renewco’s wind and solar projects throughout Scotland and the UK while further accelerating the transition to clean energy across its key European markets.

Gavin McCallum, CEO of Renewco, said: “This investment is a strong endorsement of the team and quality of our project pipeline that we have assembled over the last five years. We are proud to be a Scotland headquartered business and the Bank is a natural fit to support us on our growth journey. This investment allows us to remain at the forefront of renewable energy in Scotland and significantly contribute to the country’s net zero ambitions.”

The Bank is Scotland’s development bank and an impact investor. Its investments support Scottish businesses and projects with the aim of delivering both commercial returns and societal benefits.

Ross Dobbie, investment director at the Bank, said: “The strength of Renewco’s Scottish project pipeline reflects the wealth of opportunity and potential in our renewable energy industry. The Bank’s investment will help to unlock this potential and accelerate the development of new capacity across Scotland.

“We are a mission-led bank, looking to solve some of the great challenges we face as a society through enabling long-term economic growth and impact. Our investment in

Corran’s fund and support for Renewco is aligned to our net zero mission, which aims to address the climate crisis through growing a fair and sustainable economy.”

Gary Le Sueur, partner at Corran Capital, said: “Renewco is an impressive home-grown Scottish business success story which we have been proud to back from day one. We are thrilled to secure new investment from the Bank and SSE, both of whom are as passionate as Renewco about supporting Scotland’s energy transition and achieving the country’s net zero targets.”

About Scottish National Investment Bank

The Scottish National Investment Bank is Scotland’s development bank and exists to provide patient (long-term) debt or equity investments to businesses and projects that support the development of a fairer, more sustainable Scottish economy. 

The Bank is a public limited company (plc) which was established in November 2020. It is wholly owned by Scottish Government ministers, on behalf of the people of Scotland, but operates independently from government. 

As an impact investor, the Bank is focused on delivering both commercial returns and tangible benefits that align with at least one of its three missions:

· Net zero: Addressing the climate crisis through growing a fair and sustainable economy

· Innovation: Scaling up innovation and technology for a more competitive and productive economy

· Place: Transforming communities to make them places where everyone thrives.

The Scottish Government has committed to capitalising the Bank with £2bn in its first 10 years. Over time, as the Bank’s initial investments are repaid, it will reinvest those funds in more businesses and projects, creating a perpetual investment fund to support the Scottish economy in the long term.

Find out more at: www.thebank.scot

About Renewco Power

Renewco Power (Renewco) is a Glasgow-headquartered renewable energy developer with a 7GW development pipeline spanning utility-scale wind, solar, energy storage and green hydrogen projects across the UK and Europe. Since launching in 2021, the company has grown to 38 employees with offices in Glasgow, Edinburgh, London, Madrid and Milan.

Founded by a highly experienced team of entrepreneurs and renewable sector specialists, Renewco's leadership and wider team have collectively deployed more than 10GW of renewable power across over 50 countries. This deep sector expertise enables Renewco to deliver high-quality renewable energy projects that accelerate decarbonisation and create lasting benefits for local communities. https://www.renewcopower.com

About Corran Capital

Corran Capital is an Edinburgh-based specialist private equity firm backing entrepreneurs across clean energy and environmental sectors. The firm currently manages £160 million of capital from institutional and corporate investors with two sector leading renewable energy platforms, Renewco Power and Vital Energi

https://corrancapital.com

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