Global renewable energy company Low Carbon has announced it’s received an up to £400 million capital commitment from Massachusetts Mutual Life Insurance Company (MassMutual) to be directed towards large-scale renewable energy projects in the UK.
The investment will also be used to develop renewable energy projects in Europe and North America and allow Low Carbon to expand its core capacity by providing liquidity for its pipeline of projects until 2025.
The investment follows the November 2021 announcement of a strategic partnership between the two companies to build a “leading global renewable energy Independent Power Producer” (IPP).
“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,” said founder and chief executive of Low Carbon, Roy Bedlow.
“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 investment is one of a number announced in recent months by the renewable energy company as it works towards its goal to create 20GW of new renewable energy capacity by 2030.
Earlier this year, Low Carbon announced it had received £310 million of financing from leading international banks to support the construction of 448MW of solar photovoltaic (PV) capacity in the UK and Europe, that was announced last month.
Current± publisher Solar Media is hosting the third edition of its Wind Power Finance & Investment Summit Europe in London this 19-20 September. The conference will focus on investment strategies, alleviating bottlenecks, and which countries and technologies are the most exciting ahead as the industry sets to expand to help reach 2030 targets. Packed with industry leaders representing financiers, investors, developers, government departments and more this is the leading conference for decision makers in the European wind industry. More information, including how to attend, can be read here.
