- MassMutual and Low Carbon have joined hands to form a global renewable energy IPP
- It will have the mandate to report 20 GW capacity by 2030 with focus on the UK, Europe, and select markets in the OECD
- Proven technologies as solar, storage, onshore and offshore wind, and waste-to-energy will be the priority for investment
A new renewable energy independent power producer (IPP) is in the making with a 20 GW target to be achieved by 2030, after Massachusetts Mutual Life Insurance Company (MassMutual) entered a partnership with England based renewable energy fund and asset management platform Low Carbon.
The duo will focus on international renewable energy projects in the UK, Europe and select global markets in the Organization for Economic Co-operation and Development (OECD), with proven technologies including solar, storage, onshore and offshore wind, and waste-to-energy.
“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 MassMutual Chairman, President and CEO Roger Crandall.
A 1st European renewable energy partnership for MassMutual, the deal enables the life insurance company to transition its $222 billion investment portfolio to net zero by 2050. For Low Carbon, the strategic partnership will help it raise 3rd party investment funds to be able to direct capital into large-scale renewable energy projects.
In the UK, Low Carbon touts a combined solar portfolio of over 2 GW and growing. The company believes it is time to develop subsidy-free solar parks in the country. Back in November 2020, the company entered an agreement to build 3 new solar farms for British multinational grocery store chain Tesco plc (see Tesco Supporting 3 New Solar Energy Farms In UK).