The transaction represents the fifth investment by Pioneer’s second institutional fund, Pioneer Infrastructure Partners II SCSp, which reached final close in April 2025.

Founded in 2012, Rendesco is a 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.

Pioneer has committed up to £100 million to Rendesco, with the fund’s initial investment being 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 share a vision 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.

Rendesco founder and chief executive Alastair Murray will continue to lead the business and remain a shareholder following completion.