UK-based global renewable-energy investment manager Low Carbon is to receive additional investment funds of up to 拢400m (鈧�467m) from Massachusetts Mutual Life Insurance Company (MassMutual) to invest in projects.
The two firms in November 2021 announced a partnership to build a global renewable-energy independent power producer. At the time, MassMutual鈥檚 capital contribution was unspecified.
The venture will also support Low Carbon鈥檚 ambition to raise third-party investment funds to direct capital into large-scale renewable energy infrastructure projects in the UK, Europe and selected global markets, the companies said at the partnership announcement.
The 拢400m injection from MassMutual will enable Low Carbon to significantly expand its core capacity by providing liquidity for its pipeline of projects until 2025. Low Carbon said it expects to channel the additional capital into large-scale renewable energy projects across Europe and North America.
Roy Bedlow, founder and CEO of Low Carbon, said: 鈥淲e 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.
鈥淲ith our joint focus of delivering long-term value from investment and a shared commitment to tackling climate change, the 拢400m investment announced today is a significant milestone for the partnership that will accelerate the deployment of renewable energy at scale.鈥�
MassMutual CIO Eric Partlan said: 鈥淢assMutual鈥檚 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 policy owners.
鈥淭his increased investment reflects Low Carbon鈥檚 track record and leadership in developing, investing in and operating large-scale renewable energy that is making a positive environmental impact.鈥�
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