MassMutual confirms Low Carbon renewables investment

One of the largest Fortune 500 companies in the US has confirmed a huge investment in large-scale renewable energy projects across the UK, North America and Europe.

MassMutual – the Massachusetts Mutual Life Insurance Company – has agreed to support a number of schemes spearheaded by Low Carbon with €400m, allowing the energy infrastructure firm to expand its core capacity by bringing new facilities online faster thanks to increased liquidity. 

The new deal builds on an already-successful partnership between the corporations, first announced in 2021, with the overall aim of establishing a market-leading global renewable energy Independent Power Producer, or IPP.

Low Carbon has a target of reaching 20GW of new green capacity by 2030, and has already received financing from international banks for 450MW of additional solar PV capacity for the UK and mainland Europe. The firm is a certified B Corp, making it a member of a global nonprofit network committed to ‘transforming the global economy to benefit all people, communities, and the planet’ . Meanwhile, MassMutual believes the project reflects its own focus on investments with proven environment, social and governance impact and net gain. 

‘We are delighted to be strengthening our strategic partnership with MassMutual, which is a cornerstone of our ambition to deliver 20GW of renewable energy capacity by 2030. With our joint focus of delivering long-term value from investment and a shared commitment to tackling climate change, the €400m investment announced today is a significant milestone for the partnership that will accelerate the deployment of renewable energy at scale,’ said Roy Bedlow, Founder & Chief Executive of Low Carbon. 

‘MassMutual’s ongoing partnership with Low Carbon demonstrates our commitment to build a more sustainable world. We actively pursue opportunities to invest in climate solutions that support the transition to a low-carbon economy and our responsibility to generate long-term value for our policyowners,’ added Eric Partlan, Chief Investment Officer at MassMutual. ‘This increased investment reflects Low Carbon’s track record and leadership in developing, investing in, and operating large-scale renewable energy that is making a positive environmental impact.’

More on green investment: 

https://environmentjournal.online/headlines/uk-greenwashing-oil-and-gas-with-scotland-acorn-ccs-approval/

https://environmentjournal.online/headlines/worlds-largest-bess-plans-bolster-trafford-low-energy-park-success/

https://environmentjournal.online/headlines/greece-antarctica-uk-government/

https://environmentjournal.online/headlines/international-airlines-group-boosts-uk-waste-to-fuel-research/

Image: Jeroen van de Water