A new company has been launched to accelerate the deployment of utility-scale solar and wind energy projects across the UK and Europe with the help of Irish energy provider SSE.
Renewco Power has been launched by a team of energy sector entrepreneurs to speed up the energy transition, mitigate climate change and address energy poverty by providing consumers with affordable electricity.
The company has secured £24 million ($32.7 million) in funding from SSE to develop more than 4GW of renewable energy capacity within five years.
The projects are expected to power up to 2 million consumers or produce enough energy equivalent to power Paris, which has 1.1 million customers, Madrid with 1.2 million consumers, and Manchester, which also has 1.2 million subscribers, according to a statement. Today Renewco Power has 1GW of early-stage projects in the pipeline.
Gavin McCallum, the CEO of Renewco Power, who has a background in private equity and BP Alternative Energy, said: “There is a growing and urgent demand for utility-scale renewables projects across Europe, and we are excited about the potential we see for Renewco.”
McCallum added that the company has a “blend of entrepreneurial talent with deep power sector and financial expertise which we will use to accelerate new developments across Europe. We will be growing our team over the coming months, adding further commercial expertise to accelerate the delivery of our strategy.”
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 founders have over 100 years of combined renewables development and investment experience, having developed more than 10GW of renewables in over 50 countries, raising more than £2 billion ($2.7 billion) to finance these assets in the process, according to the statement.
Martin Pibworth, SSE Group Energy & Commercial Director, reiterated: ”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.”
The company’s management team includes; Alp Karli, founder of solar power business, Value Renewables, and former chief commercial officer of Vestas, and Romain Keyen, former chief investment officer of Scottish Equity Partners.
Gary Le Sueur, founder of clean energy investor Corran Capital 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.