Low Carbon, MassMutual to build 20-GW renewables IPP by 2030
Solar farm. Author: iamme ubeyou. License: CC0 1.0 Universal.
UK-based renewable energy investor and asset manager Low Carbon Investment Management Ltd and the Massachusetts Mutual Life Insurance Company (MassMutual) on Monday said they have teamed up to build a major global renewable energy independent power producer (IPP).
The strategic partnership will aim to reach 20 GW of renewable energy capacity by 2030, focusing on solar, storage, onshore and offshore wind, and waste to energy technologies.
For MassMutual this is a first renewables tie-up in Europe and part of efforts to move its investment portfolio of USD 222 billion (EUR 194bn) in assets under management to net zero by 2050.
The partnership will leverage Low Carbon’s expertise across the investment lifecycle. It will support the development and operation of large-scale renewable energy projects, concnetrating on multiple Organisation for Economic Co-operation and Development (OECD) markets.