LONDON, November 17, 2021 / PRNewswire / – UK-based Low Carbon Limited and Massachusetts Mutual Life Insurance Company (MassMutual) have joined forces to create a leading global independent renewable energy (IPP) producer. The partnership with MassMutual will also support Low Carbon’s ambition to raise third-party investment funds with the aim of directing capital to large-scale renewable energy infrastructure projects in the UK, Europe and some global markets.
The new partnership, which will target 20 GW of renewable energy capacity by 2030, will leverage each company’s unique market position and domain expertise to drive the transition to renewable energy. The strategic partnership will focus on international projects exploiting proven technologies, including solar energy, storage, onshore and offshore wind and energy recovery from waste.
The landmark agreement marks MassMutual’s first European renewable energy partnership as it seeks to evolve its 222 billion dollars AUM’s investment portfolio to net zero by 2050. This also comes as Low Carbon celebrates 10 years as a leading investor and asset manager in renewable energy, committed to its founding vision to have a positive and significant impact on climate change.
Low Carbon and MassMutual share a commitment to integrate sustainability into their business approach. As a certified B Corp, Low Carbon is committed to meeting the highest verified standards for social and environmental performance, transparency and accountability. As an investor, MassMutual seeks to invest in a way that supports positive environmental, social and governance progress, recognizing the influence their investments can have on the well-being of society at large. Importantly, this investment reflects MassMutual’s commitment to help drive the transition to a low carbon economy.
Based on the shared ambition to transform the global energy sector from fossil fuels to zero carbon and to harness Low Carbon expertise throughout the investment lifecycle, the partnership will accelerate the development and operation of low carbon projects. large-scale renewable energy with a focus on multiple Organization for Economic Co-operation and Development (OECD) markets.
Commenting on the matter, CEO and Founder Low Carbon Roy Bedlow noted, “Weather Mitigating change requires the accelerated deployment of large-scale renewables over the next decade. With MassMutual’s focus on long-term value creation and its goal of helping people secure their futures and protect those they love, our partnership puts us firmly on the path to a net zero economy. . I look forward to working together to have a meaningful global impact on the provision of renewable energy on a large scale as an alternative to fossil fuels. “
President of MassMutual, President and Chief Executive Officer Roger crandall added, âMassMutual is deeply committed to minimizing our environmental impact and building a more sustainable world for our policyholders, customers, employees and communities. Our partnership with Low Carbon will accelerate our efforts in this area as we share the belief that by investing in large scale renewable energy projects we can play an important role in achieving a net zero global economy. We look forward to working with Low Carbon and leveraging their experience and expertise to increase the production of renewable energy on a large scale and to power the next generation of energy technology. “
About low carbon
Low Carbon is a leading renewable energy investment, fund and asset management platform engaged in the development and exploitation of renewable energy on a large scale. Low Carbon invests in both developers and renewable energy projects in a range of renewable energy technologies, including solar photovoltaic energy, wind power, energy storage, energy recovery from waste and l ‘energetic efficiency. Low Carbon, B Corp certified, has a proven track record in developing, building, financing and managing renewable energy assets and remains involved in long term projects with a dedicated asset management team that manages assets on the balance sheet and for third parties. With a significant renewable energy pipeline in development, Low Carbon is well positioned to take advantage of the opportunities as the need for renewables and energy security increases.
MassMutual is a leading mutual life insurance company managed for the benefit of its participating members and policyowners. Founded in 1851, the company has always been guided by one constant goal: to help people secure their future and protect those they love. With a focus on long-term value creation, MassMutual offers a wide range of protection, accumulation, wealth management and retirement products and services.
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SOURCE Low Carbon