Renewco Power, a developer of utility-scale solar, wind, and battery projects, announced its expansion into the US by acquiring a 1.5 GW pipeline of early-stage utility-scale solar projects, alongside 500 MW of battery storage projects, from Virginia-based developer Beaufort Rosemary.
Both companies will form a partnership to jointly develop more projects, focusing on states in the southeast and Midwest of the US, where there is a lower penetration of renewables and which have new ambitious clean energy generation goals.
They aim to bring 3 GW of solar and storage projects to the ‘ready to build’ stage within five years.
Renewco also received a funding commitment of £24 million (~$29 million) from sustainability investor Corran Capital, which raised the capital from SSE – bringing the total funding commitments to £48 million (~$58 million)
“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. This investment is a significant milestone for the business and testament to the confidence our backers have in the Renewco team to execute our plan of accelerating the development of clean energy projects across Europe and the US.” Said Gavin McCallum, Chief Executive of Renewco.
Recently, Helios Nordic Energy, a developer of large-scale PV solar projects, agreed to acquire four solar projects in the Helios project pipeline with Danish solar energy company Nordic Solar. The four projects are in the south of Sweden, of which three are in SE3 and one in SE4. They have a total combined capacity of approximately 220 MWp.
According to Mercom’s Q1 2022 Solar Funding and M&A report. Around 23 GW of solar projects were acquired in Q1 2022 compared to 13.1 GW in Q4 2021.
Last Month, EDP Renewables, a renewable energy power producer, agreed with Xuan Thien Group, a solar developer, to acquire two solar PV projects totaling 200 MW in Vietnam. The projects started operation in 2020 under a 20-year PPA at $93.5/MWh and are located in the Thuan Bac district. The transaction forms a long-term relationship between the companies and helps EDPR expand its growth in the APAC region.