Low Carbon Limited, a UK-based leading renewable energy investment platform, and the Massachusetts Mutual Life Insurance Company announced an agreement this Wednesday to build a global renewable energy Independent Power Producer (IPP).
Firstly, the IPP will target 20GW of renewable energy capacity by 2030. Under the terms of the agreement, it will leverage each business’s unique position in the market and domain expertise to drive the transition toward renewable energy.
Moreover, the strategic partnership will focus on international projects for solar, storage, onshore and offshore wind, and waste to energy. The partners will also seek to raise third-party investment funds. This, to direct capital into large-scale infrastructure projects in the UK, Europe, and selected global markets.
Furthermore, the deal is MassMutual’s first European renewable energy partnership; as it seeks to transition its $222BN AUM investment portfolio to net-zero by 2050. For Low Carbon comes as it reaches 10 years of leadership as an investor and asset manager in the renewable energy market.
Also recommended for you: Chevron and partners launch GHG methodology for LNG cargoes. Click here to read.
Low Carbon and MassMutual with a shared committment for energy transition
In addition, both companies share a commitment to embedding sustainability into their approach to business. Particularly, Low Carbon is committed to meeting the highest verified standards of social and environmental performance, transparency, and accountability.
On the other hand, the investment reflects MassMutual’s commitment to helping drive the transition toward a low-carbon economy. Indeed, the partnership leverages a shared ambition from the parties to transform the global energy sector; to drive it from fossil fuels to zero-carbon.
About the matter, Low Carbon CEO, 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.”
Finally, MassMutual CEO, Roger Crandall added. “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.”