DLA Piper assisted Edinburgh-based Renewco Power with its US growth through the purchase of a pipeline of 1.5 GW of utility-scale solar projects in the early stages and 500 MW of battery storage facilities from Virginia-based builder Beaufort Rosemary.
In order to explore more sites together and reach the “ready to build” stage for 3 GW of both solar and storage programs within a period of 5 years, the Scottish-centered renewable power firm is also forging a collaboration with Beaufort Rosemary as part of the agreement. The project will concentrate on states in the Midwest and Southeast of the US that have new, assertive clean energy generation objectives but have lower renewables penetration rates.
Corran Capital, a clean energy as well as sustainability investor that acquired the funds from low carbon infrastructure company SSE plc, has pledged an additional £24 million in support of Renewco’s relocation to the US. Just nine months after its founding, Renewco has secured £48 million in total funding commitments.
The team’s drive and entrepreneurial spirit to find worthwhile opportunities in fast-growing markets are further demonstrated by the relocation to the US. Renewco began operations in September with an initial investment of £24 million to support the start-high-growth up’s large-scale solar and onshore wind growth strategy. Since then, the company has proceeded to create a talented staff with extensive experience in the renewable energy sector. The company has now grown in the UK and Europe, developing a foothold in both Italy and Spain and gaining expertise in battery storage.
Gavin McCallum, who is the CEO of Renewco, stated, “I am thrilled to have concluded this acquisition, bringing the Renewco network to the US and helping us to expedite the clean energy shift in one of the major renewables markets in the world. “I am thrilled to be collaborating with Beaufort Rosemary, a seasoned and reputable developer. In the early 2000s, Kevin Casey, their founder and CEO, and I collaborated in the US power industry. I am fully confident in our capacity to work together to develop a sizable and expanding pipeline of both solar and storage facilities in the US. Furthermore, this investment represents a critical turning point for the company and demonstrates the faith our investors place in the Renewco team to carry out our strategy of speeding the development of renewable energy projects throughout Europe and the US.”
Beaufort Rosemary’s founder and managing director, Kevin Casey, stated that the company has successfully developed a sizable pipeline of solar and storage contracts since beginning its solar development business in 2018 by collaborating closely with local communities and landowners throughout the Southeast and Midwest of the US.
“Our projects may now be expedited and the pipeline enlarged with Renewco’s financial support and strong development knowledge,” Mr. Casey added. “I also value their strategic advice and am looking forward to building a solid working relationship with the Renewco team.”