UK-based Low Carbon and the Massachusetts Mutual Life Insurance Company (MassMutual) have joined forces to build a global renewable energy independent power producer targeting 20GW by 2030.
The partnership 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.
It will focus on international projects leveraging proven technologies including solar, storage, onshore and offshore wind and waste to energy.
The deal marks MassMutual’s first European renewable energy partnership as it seeks to transition its $222bn assets under management investment portfolio to net zero by 2050.
Low Carbon chief executive and founder Roy Bedlow (pictured) 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 chief executive Roger Crandall said: “MassMutual is deeply committed to minimising our environmental impact and building a more sustainable world for our policy owners, 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.”