Infrastructure investment firm Pioneer Point Partners has announced a £100 million investment in Rendesco, the developer, owner and operator of low-carbon heat networks.
Founded in 2012, Rendesco specialises in ground source heat pump solutions for new-build residential developments. Itd has installed heat networks at over 175 developments to date.
Pioneer Point Partners said the UK’s Future Homes Standard “provides clear regulatory support for low-carbon heating solutions in new residential developments”.
The Fund’s initial investment will be used to acquire a majority stake in the business and support the delivery of its existing and future pipeline. The commitment will facilitate up to £500 million of capex investment in low-carbon heat network infrastructure.
Pioneer and Rendesco want to scale the platform by capturing the structural growth opportunity and developing a substantial owned portfolio of assets that deliver low-carbon heat in perpetuity to new-build residential properties.