The new investment will help Low Carbon to reach its strategic goal of creating 20GW of new renewable energy capacity by 2030
Renewable energy company Low Carbon secures investment from MassMutual. (Credit: andreas160578 from Pixabay)
Low Carbon, a renewable energy company, has taken a new step to reinforce its strategic alliance with Massachusetts Mutual Life Insurance Company (MassMutual). The insurance company has committed to invest up to £400m to support large-scale renewable energy projects across the UK, Europe, and North America.
The capital commitment from MassMutual will empower Low Carbon to substantially expand its core capacity and enhance its ability to finance a robust pipeline of projects, extending its reach until 2025.
In November 2021, Low Carbon and MassMutual jointly announced a strategic partnership with an ambitious goal – to establish a leading global Independent Power Producer (IPP) in the renewable energy sector.
Both Low Carbon and MassMutual are dedicated to infusing sustainability into their respective business practices. As a certified B Corp, Low Carbon adheres to the most rigorous and verified standards of social and environmental performance, ensuring utmost transparency and accountability. On the other hand, as an investor, MassMutual incorporates crucial environmental, social, and governance factors into its investment evaluation process, the renewable energy company said.
The new announcement marks a significant milestone in advancing Low Carbon’s strategic vision of achieving 20GW of new renewable energy capacity by the year 2030.
Notably, last month, Low Carbon secured £310m in financing from top-tier international banks to facilitate the construction of approximately 450MW of solar photovoltaic (PV) capacity across both the UK and Europe.
Low Carbon founder and chief executive 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 chief investment officer Eric Partlan added: “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.”