MassMutual commits GBP 400m to renewables developer Low Carbon

UK-based renewable energy company Low Carbon announced on Tuesday that it secured a capital commitment of up to GBP 400 million (USD 513.6m/EUR 462m) from Massachusetts Mutual Life Insurance Company, also known as MassMutual.

Low Carbon said that the investment from the mutual life insurer will provide liquidity for its project pipeline up until 2025. It will be directed into large-scale renewable energy projects across the UK, Europe and North America.

The two parties have been cooperating in Europe since November 2021.

“We are delighted to be strengthening our strategic partnership with MassMutual, which is a cornerstone of our ambition to deliver 20 GW of renewable energy capacity by 2030,” commented Roy Bedlow, founder and CEO of Low Carbon.

The British firm invests in, develops and operates solar, wind, energy storage and energy-from-waste plants across the UK, Europe and North America. In mid-May, it obtained GBP 310 million from a number of lenders to build 448 MW of solar photovoltaic (PV) capacity at home and in the Netherlands.

(GBP 1.0 = USD 1.285/EUR 1.155)

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