SSE-backed Renewco acquires 2GW US solar, power storage pipeline

• Scotland-based renewables designer Renewco Power has acquired a 2GW pipeline of US-based solar and also energy storage assets from Beaufort Rosemary.

Renewco, which is backed by British utility giant SSE, is to additionally companion with Beaufort Rosemary on additional sites in the United States, with the duo having actually established an aim of bringing 3GW of solar and storage sites to shovel-ready condition within 5 years.

The initial pipe of assets consists of 1.5 GW of early-stage utility-scale solar and also 500MW of battery storage space projects, and also both Renewco and also Beaufort Rosemary are to concentrate their efforts in advancing projects in the Southeast and also Midwest of the United States.

The acquisition has actually been supported by financing of ₤ 24 million (US$ 29 million) given by financial investment team Corran Capital, which consequently raised the capital from SSE.

The new financing increases Renewco's financing commitments nine months after the firm was developed.

Beaufort Rosemary, which has actually been active since 2018, claimed it had built a "significant pipeline" people solar and also power storage assets by working closely with both landowners as well as regional communities.

"With Renewco's sponsorship as well as considerable development competence, our projects can now be accelerated and also the pipeline increased," Beaufort Rosemary creator Kevin Casey added.

The deal is the latest in a string of current statements and also M&A deals as growth phase solar asset pipelines in the United States modification hands. Current months have seen sizeable pipeline acquisitions from the likes of Onward Power, TotalEnergies as well as Engie North America, amongst others, to bolster their US-facing pipelines.

Amidst industry expectations for consolidation in the US solar market complying with uncertainty brought on by the Department of Commerce's AD/CVD circumvention investigation, further M&A activity is anticipated.

Talking To PV Tech, Renewco CEO Gavin McCallum claimed that the primary aspect for boosted M&A in US solar is "positive long-run market basics" as well as a demand for more financing to ensure growths are "effectively capitalised," with Renewco particularly making deals for the longer term.

"We are targeting ready to develop assets in 5 years by which time we expect the ongoing dept of commerce examination to be solved and also there to be more alternatives for programmers to purchase panels, including United States residential providers which we would welcome," he claimed.