Mutual life insurance company MassMutual and renewable energy investment and asset management platform Low Carbon announced today a new strategic partnership aimed at developing a large-scale global renewable energy Independent Power Producer (IPP).
The partners are targeting 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 clean energy capacity will enable the avoidance of 11 million tons of CO2 emissions.
Low Carbon Chief Executive and Founder Roy Bedlow said:
“Climate change mitigation requires the accelerated deployment of renewable energy at scale over the next decade. With MassMutual’s focus on delivering long-term value and its purpose of helping people secure their future and protect the ones they love, our partnership sets us firmly on a trajectory to deliver a net zero economy. I look forward to working together to make a meaningful global impact on large-scale renewable energy provision as an alternative to fossil fuels.”
As part of the deal, MassMutual will take a 25% stake in Low Carbon, with plans to increase its ownership stake to 49%, subject to regulatory approval. MassMutual will also take two board seats. The deal marks the first renewable energy partnership in Europe for MassMutual.
MassMutual Chairman, President and CEO Roger Crandall said:
“MassMutual is deeply committed to minimising our environmental impact and building a more sustainable world for our policyowners, customers, employees and communities. Our partnership with Low Carbon will accelerate our efforts in this area, as we share a common belief that by investing in large scale renewable energy projects, we can play an important part in achieving a global net zero economy. We look forward to working with Low Carbon and leveraging their experience and expertise to increase the production of renewable energy at scale and to power the next generation of clean energy technology.”