Two companies have partnered to build a global renewable energy Independent Power Producer (IPP)
Low Carbon, a UK investment and asset management company, has joined forces with Massachusetts Mutual Life Insurance Company, otherwise known as MassMutual, to support the former’s ambition of raising third-party funds to accelerate their renewable energy transition.
Low Carbon points out that the funding will facilitate the deployment of extensive sustainable energy infrastructure schemes across the United Kingdom, Europe, and other global markets.
By 2030, the partners propose to reach a capacity of 20GW of renewable energy and raise each company’s position in the market by spearheading industrial transitions to renewable energy on an international level.
“Climate change mitigation requires the accelerated deployment of renewable energy at scale over the next decade,” said Roy Bedlow, Chief Executive and Founder of Low Carbon.
“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.”
The partnership will have a leading focus on solar, storage, onshore and offshore wind technologies, and is said to be based on Low Carbon and MassMutual’s shared motivation of transitioning the global energy sector from fossil fuels to a zero-carbon approach.
MassMutual’s collaboration with Low Carbon, who recently achieved B Corp status, comes as the company works to convert their $222BN AUM portfolio to net-zero by 2050.
“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,” said Roger Crandall, Chairman, President and CEO for MassMutual.
“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.”
