Massachusetts Mutual Life Insurance, a US life insurance giant, has joined forces with UK-based Low Carbon Limited to become a European independent power producer (IPP), which is targetting 20GW of renewable energy capacity by 2030.
The partnership says it will focus on international projects leveraging proven technologies including solar, onshore and offshore wind, storage and waste to energy.
The deal, MassMutual’s first European renewable energy partnership, will also support Low Carbon’s ambition to raise third-party investment funds for large-scale renewable energy infrastructure projects in the UK, Europe and selected global markets.
Roy Bedlow, Low Carbon chief executive and founder 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.”
Roger Crandall, MassMutual chair, president and chief executive said, “MassMutual is deeply committed to minimising our environmental impact and building a more sustainable world for our policyowners, 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.”