Renewco raises £24m to develop clean energy
Clean break: Gary Le Sueur and Gavin McCallum
A renewable power business aiming to accelerate the development of clean energy launches today, backed by £24 million from SSE.
Renewco Power is focusing on the roll-out of large-scale solar and wind farms across the UK and Europe. It already has a gigawatt of early stage projects in the pipeline across the UK and Europe.
The Edinburgh-based company is targeting the development of assets with a capacity of more than 4GW (gigawatts) within five years. This would be equivalent to powering approximately two million households with clean energy.
Renewco’s founders include two of Europe’s most successful renewable power entrepreneurs, Frans van den Heuvel, former CEO of Solarcentury, and Alan Baker, former CEO of Airtricity-Scotland and Forsa Energy.
The team is led by CEO, Gavin McCallum, who has a background in private equity and the energy sector including at BP Alternative Energy; Alp Karli, founder of solar power business, Value Renewables, and previously of Vestas, as chief commercial officer; and Romain Keyen, formerly of Scottish Equity Partners (SEP), as chief investment officer.
The team was brought together by Gary Le Sueur, a former partner of SEP, who recently founded Corran Capital in Edinburgh to invest in clean energy and climate focused companies.
Mr Le Sueur will chair Renewco and will be joined on the board by Derrick Allan, head of SGN Smart, the smart-meter service provider, and former chairman of Solarcentury.
Mr McCallum, said: “We will be growing our team over the coming months, adding further commercial expertise to accelerate the delivery of our strategy.”
Martin Pibworth, SSE group energy & commercial director: said: ”Renewco has a first class management team and this financial investment is one we expect to generate strong returns.
“We see this as a complementary investment to SSE’s own core Renewables and Distributed Energy businesses and look forward to seeing Renewco deliver their ambitious plans.”