Increased investment will strengthen the strategic partnership formed by Low Carbon and MassMutual in 2021 as they target 20GW of renewable energy capacity by 2030
Global renewable energy company Low Carbon has strengthened its strategic partnership with Massachusetts Mutual Life Insurance Company with the announcement of an increase of up to £400m worth of investment to be directed into large-scale renewable energy projects across the UK, Europe and North America.
The £400m capital commitment from MassMutual will enable Low Carbon to significantly expand its core capacity by providing liquidity for its pipeline of projects up until 2025. The investment represents a watershed moment for the partnership and demonstrates MassMutual’s confidence in Low Carbon’s expertise to direct investment into renewable infrastructure.
Announced in November 2021, the strategic partnership between Low Carbon and MassMutual aims to build a leading global renewable energy Independent Power Producer (IPP) by leveraging each businesses’ unique position in the market and domain expertise to accelerate the energy transition.
Both Low Carbon and MassMutual share a commitment to embedding sustainability into their approach to business. As a certified B Corp, Low Carbon is committed to meeting the highest verified standards of social and environmental performance, transparency, and accountability. As an investor, MassMutual evaluates material environmental, social, and governance factors throughout its investment process, as the company believes that doing so contributes to its overall approach to managing risk-adjusted returns. Importantly, this investment reflects MassMutual’s commitment to help drive the transition toward a low-carbon economy.
Today’s announcement builds further momentum in support of Low Carbon’s strategic goal to create 20GW of new renewable energy capacity by 2030. It follows £310m of financing from leading international banks to support the construction of circa 450MW of solar PV capacity in the UK and Europe, that was announced last month.
Commenting on the announcement, Founder and Chief Executive of Low Carbon, 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. This increased investment reflects Low Carbon’s track record and leadership in developing, investing in, and operating large-scale renewable energy that is making a positive environmental impact.”