LONDON -- UK-based Low Carbon Limited and the Massachusetts Mutual Life Insurance Company (MassMutual) have joined forces to build a leading global renewable energy Independent Power Producer (IPP). The partnership with MassMutual will also support Low Carbon's ambition to raise third-party investment funds with the aim 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, will 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 landmark deal marks MassMutual's first European renewable energy partnership as it seeks to transition its $222BN AUM investment portfolio to net zero by 2050. It also comes as Low Carbon celebrates 10 years as a leading renewable energy investor and asset manager committed to its founding vision of making a positive and significant impact on climate change.
Both Low Carbon and MassMutual share a commitment to embedding sustainability into their approach to business. As a certified B Corp, Low Carbon is committed to meeting the highest verified standards of social and environmental performance, transparency, and accountability. As an investor, MassMutual seeks to invest in a manner that supports positive environmental, social, and governance progress, recognising the influence their investments can have on the well-being of wider society. Importantly, this investment reflects MassMutual's commitment to help drive the transition toward a low-carbon economy.
Built on the shared ambition to transform the global energy sector from fossil fuel based to zero-carbon and harnessing Low Carbon's expertise across the full investment lifecycle, the partnership will 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.
Commenting on the deal, Low Carbon Chief Executive and Founder Roy Bedlow said, "Climate change mitigation requires the accelerated deployment of renewable energy at scale over the next decade. 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."
MassMutual Chairman, President and CEO Roger Crandall added, "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. We look forward to working with Low Carbon and leveraging their experience and expertise to increase the production of renewable energy at scale and to power the next generation of clean energy technology."
About Low Carbon
Low Carbon is a leading renewable energy investment, fund and asset management platform committed to the development and operation of renewable energy at scale. Low Carbon invests into both renewable energy developers and projects across a range of renewable energy technologies including solar PV, wind, energy storage, waste-to-energy and energy efficiency. Low Carbon, a certified B Corp, has a proven track record in the development, construction, financing and management of renewable energy assets and remains involved in the projects for the long term with a dedicated asset management team that manages assets on balance sheet and for third parties. With a significant renewable energy pipeline in development, Low Carbon is well-positioned to capitalise on opportunities as the need for renewable energy and energy security increases.
MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. Founded in 1851, the company has been continually guided by one consistent purpose: we help people secure their future and protect the ones they love. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management and retirement products and services.