Low Carbon Secures £400 Mn Investment from MassMutual for Renewable Energy

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Renewable energy developer Low Carbon has secured £400m from its strategic partner Massachusetts Mutual Life Insurance Company to invest in renewable energy projects across the UK, Europe and North America.

The £400m capital commitment from MassMutual will provide liquidity for Low Carbon’s pipeline of projects up until 2025.

Announced in November 2021, the strategic partnership between Low Carbon and MassMutual aims to build a global renewable energy IPP.

The recent 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, which was announced last month.

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, “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 policymakers.”

Low Carbon is a certified B-Corporation involved in the investment, development, and operation of solar, wind, energy storage, and energy from waste projects across the UK, Europe, and North America. Last year, the firm announced that it would be constructing two onshore wind farms in Romania with a capacity of up to 600 MW. The firm also announced its intentions to construct three large-scale solar farms in Essex, Derbyshire, and Buckinghamshire. The multi-bank financing facility from NatWest, Lloyds Bank, and AIB targeted 1 GW of solar capacity, as part of Low Carbon’s target to create 20 GW of new renewable energy capacity by the end of the decade.

Low Carbon has developed about 1 GW of renewable infrastructure. In addition, the firm’s renewable energy pipeline currently stands at over 8 GW.