Copley Point Exits Part of its Shareholding in Rendesco to Pioneer Point Partners

Copley Point Exits Part of its Shareholding in Rendesco to Pioneer Point Partners. Pioneer has Simultaneously Committed up to £100m to Fund Low-Carbon Heat Networks. 

Copley Point, an independent sponsor specialised in UK real assets and related platforms, has exited half of its shareholding in Rendesco Group Limited (the “Company” or “Rendesco”).

In 2019 Copley Point acquired the UK’s largest portfolio of geothermal heat networks, which were designed and built by Rendesco.  Those networks were primarily installed in new-build retirement housing.  It provided additional equity to grow the portfolio to over 70 locations across the UK under Ofgem’s Renewable Heat Incentive scheme, which remained open until March 2021.

In 2020 Copley Point became a significant shareholder in the platform itself, and worked closely alongside its Founder and CEO, Alastair Murray, to help grow the business.  It grew revenue by 3x over that period, and headcount went from less than 10 to over 80.  In 2024 Eurazeo, Aviva Ventures and Clean Growth Fund invested in the Company (the “2024 Investors”), which further supported its growth.

As part of the announced transaction, Pioneer Point Partners LLP (“Pioneer”), the sustainable infrastructure investment firm, has become majority shareholder of Rendesco, exiting the 2024 Investors, and acquiring part of Copley Point’s shareholding.  The new primary investment by Pioneer, which will be used to fund delivery of existing and future pipeline, positions Rendesco well for its next stage of growth. It will facilitate up to £500 million of capex investment in low-carbon heat network infrastructure.

Founded in 2012, Rendesco is a leading UK heat network developer and operator, specialised in ground source heat pump (“GSHP”) solutions for new-build residential developments. The Company works with national and regional housebuilders to deliver low-carbon heating solutions for sites ranging from 50 to 2,000 homes and has installed heat networks at over 175 developments to date.

The recent publication of the UK’s Future Homes Standard provides clear regulatory support for low-carbon heating solutions in new residential developments. Rendesco’s GSHP supplied heat networks offer high efficiency, low operating costs and the ability to provide both heating and cooling, making them an attractive solution for housebuilders and end customers.

Michael Heal, Founder of Copley Point, said:

It has been a privilege to partner with Rendesco on its journey to become the UK’s leading renewable heating platform.  The recent transaction with Pioneer has proven out our original thesis and demonstrated Copley Point’s ability to add value via flexible capital and institutional expertise.  We are excited to remain invested alongside Pioneer and the Company’s Founder, Alastair Murray, and look forward to creating further value together going forward.

Alastair Murray, CEO and Founder of Rendesco, said:

The UK is experiencing the biggest change to how we heat our homes in a generation, and this is vital to protect homeowners from energy price volatility and end our reliance on foreign energy sources. Rendesco’s smart heat pump-led networks are the best solution for new build homes, and our retrofit solution can now deliver the same quality of service into the millions of existing homes that need to move off gas. Copley Point has been a highly supportive partner for several years, providing valuable insight and expertise as well as capital on our growth journey.  Pioneer brings a deep understanding of sustainable infrastructure and the conviction to back it at scale. It’s a vote of confidence in our team and our solution, and it gives us the firepower to serve many more homes as the Future Homes Standard reshapes the market.  We look forward to working closely with both in the next phase of our growth.

Founder and Chief Executive Officer Alastair Murray will continue to lead the business and remain a shareholder following completion.  Copley Point will continue to work closely with Rendesco and alongside Pioneer going forward.

ENDS

Media Contact
Copley Point: media@copleypoint.com

Notes to Editors

About Copley Point
Copley Point is an independent sponsor specialised in UK real assets and related platforms. It manages over £1bn of assets and is meaningfully co-invested alongside institutional capital partners in its various platforms. Its areas of expertise are real estate (especially supply chain), energy transition and more general infrastructure. It partners with best-in-class management teams to build out large, differentiated asset portfolios, scaling and institutionalising platforms over time.

More information is available at www.copleypoint.com

About Rendesco
Rendesco is the UK’s leading independent clean heat network developer and operator. It finances, designs, installs and operates low-carbon heat networks using ground source heat pump technology for new build developments. The company brought its geothermal drilling capability in-house in 2024, supporting its position as the UK’s only fully integrated clean heat operator. Rendesco operates across the UK, providing heating and hot water to more than 10,000 homes and generating over 28GWh of sustainable energy annually.

Further information is available at www.rendesco.com

About Pioneer Point Partners
Established in 2008, Pioneer Point Partners is a leading European sustainable infrastructure investor, which has committed over €2.1bn to 23 investments to date. The firm is led by six Partners who collectively bring more than 150 years of private equity investment experience across Western Europe. Pioneer has an established investment strategy, focusing on lower mid-market, value-add investments in the energy transition and environment sectors across Western Europe.

www.pioneerpoint.com

www.linkedin.com/company/pioneer-point-partners/