Renewco Power, a developer of utility-scale solar, wind, and battery projects, has secured £20 million (~$27 million) from the Scottish National Investment Bank (SNIB), via a fund managed by Corran Capital, a specialist private equity firm focused on clean energy and the environment.
SNIB also joins existing investor SSE, which has committed an additional £9 million (~$12 million) to the round.
Founded in 2021, the company has built a pipeline of over 7 GW across solar, onshore wind, battery storage, and green hydrogen projects. This latest investment is said to further accelerate the company’s shift to clean energy in its key European markets as it funds the development of its wind and solar projects across Scotland and the U.K.
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.”
According to Mercom’s 9M and Q3 2025 Solar Funding and M&A report, total corporate funding, including venture capital funding, public market, and debt financing, in the first nine months of 2025 stood at $17.3 billion, 22% lower than the $22.3 billion raised in 9M 2024.
In August, BlueWave, a solar and storage developer and a subsidiary of Axium Infrastructure, secured $247 million from two credit facilities. The first $125 million revolving construction-to-term loan facility was led by KeyBank and the National Bank of Canada, while KeyBank and the Canadian Imperial Bank of Commerce provided the remaining $122 million corporate revolving credit facility. Both banks were advised by Latham & Watkins.