UK, US Firms Launch JV Targetting 20 GW RE Capacity by 2030

Low Carbon Limited, based in the UK, and the Massachusetts Mutual Life Insurance Company (MassMutual), based in the US, have joined forces to build a leading global renewable energy Independent Power Producer (IPP).

The partnership with MassMutual also aims at supporting Low Carbon’s ambition to raise third-party investment funds with the goal of directing capital into large-scale renewable energy infrastructure projects in the UK, Europe and selected global markets.

The new partnership, which will target 20GW of renewable energy capacity by 2030, plans to leverage each business’s unique position in the market and domain expertise to drive the transition toward renewable energy. The strategic partnership will focus on international projects leveraging proven technologies including solar, storage, onshore and offshore wind, and waste to energy.

The collaboration aims to accelerate the development and operation of large-scale renewable energy projects with a focus on multiple Organisation for Economic Co-operation and Development (OECD) markets.

“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,” said Low Carbon Chief Executive and Founder Roy Bedlow.

The deal marks MassMutual’s first European renewable energy partnership as it seeks to transition its $222BN AUM investment portfolio to net zero by 2050.

“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,” commented MassMutual Chairman, President and CEO Roger Crandall.