Mutual life insurance company MassMutual announced a commitment of up to £400 million (USD$516 million) in renewable energy developer Low Carbon to fund investments in large-scale renewable energy projects across the UK, Europe and U.S.
The announcement builds on a strategic partnership between the companies launched in November 2021, aimed at developing a large-scale global renewable energy Independent Power Producer (IPP) with a target to reach 20GW of renewable energy capacity by 2030, through international projects encompassing technologies including solar, storage, onshore and offshore wind, and waste to energy.
According to the companies, the new commitment will provide Low Carbon with liquidity for its pipeline of projects until 2025, significantly expanding its core capacity. Earlier this year, Low Carbon announced that it had also secured a £310 million finance facility with a group of international banks, enabling the construction of PV projects in the UK and the Netherlands.
Low Carbon Founder and CEO Roy Bedlow, said:
“We are delighted to be strengthening our strategic partnership with MassMutual, which is a cornerstone of our ambition to deliver 20GW of renewable energy capacity by 2030. With our joint focus of delivering long-term value from investment and a shared commitment to tackling climate change, the £400m investment announced today is a significant milestone for the partnership that will accelerate the deployment of renewable energy at scale.”
MassMutual’s Chief Investment Officer Eric Partlan added:
“MassMutual’s ongoing partnership with Low Carbon demonstrates our commitment to build a more sustainable world. We actively pursue opportunities to invest in climate solutions that support the transition to a low-carbon economy and our responsibility to generate long-term value for our policyowners.”