A renewable energy company formed by a team of leading entrepreneurs in the energy sector is launched today, with a commitment of £ 24million from SSE.
Renewco Power aims to accelerate the development of clean energy projects by focusing on the deployment of large scale solar and wind farms in the UK and Europe. It already has a gigawatt (GW) of early stage projects in the pipeline in the UK and Europe.
The Edinburgh-based company aims to develop assets with a capacity of more than 4 GW within five years.
SSE’s support goes through Corran Capital and should accelerate the implementation of the team’s strong growth strategy.
The founders of Renewco include two of Europe’s most successful renewable energy entrepreneurs, Frans van den Heuvel – former Managing Director of Solarcentury – and Alan Baker – former Managing Director of Airtricity-Scotland and Forsa Energy.
The team is led by Managing Director Gavin McCallum, who has experience in private equity and the energy sector, including BP Alternative Energy; alongside Commercial Director Alp Karli, founder of solar energy company Value Renewables; and Chief Investment Officer Romain Keyen, formerly of Scottish Equity Partners (SEP).
The team was brought together by Gary Le Sueur, a former partner at SEP, who recently founded Corran Capital in Edinburgh to invest in companies focused on clean energy and the climate.
He will chair Renewco and is joined on the board by Derrick Allan, head of smart meter service provider SGN Smart and former president of Solarcentury.
McCallum, said: “There is a growing and urgent demand for utility-scale renewable energy projects across Europe, and we are excited about the potential we see for Renewco.
“We will be expanding our team over the next few months, adding additional business expertise to accelerate the implementation of our strategy. “
Martin Pibworth, Director of Business and Energy, SSE Group, added, “Renewco has a world-class management team and this financial investment is one that we hope to generate strong returns.
“We see this as a complementary investment to SSE’s core renewable energy and distributed energy business and look forward to Renewco realizing its ambitious plans.
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