UK, US Firms Launch JV Targetting 20 GW RE Capacity by 2030

Nov 16, 2021 10:20 AM ET
  • UK-based Low Carbon Limited and US-based MassMutual have actually joined pressures to construct a leading global renewable resource Independent Power Producer (IPP).
  • The collaboration aims to accelerate the development and operation of large-scale renewable resource projects with a concentrate on numerous Organisation for Economic Co-operation and Development (OECD) markets.

Low Carbon Limited, based in the UK, and the Massachusetts Mutual Life Insurance Company (MassMutual), based in the US, have actually signed up with forces to develop a leading global renewable energy Independent Power Producer (IPP).

The collaboration with MassMutual additionally focuses on sustaining Low Carbon's ambition to elevate third-party investment funds with the objective of directing funding right into large-scale renewable energy framework projects in the UK, Europe and chosen global markets.

The brand-new partnership, which will target 20GW of renewable resource capacity by 2030, intends to leverage each organization's one-of-a-kind placement out there and domain knowledge to drive the change toward renewable resource. The critical collaboration will certainly focus on global projects leveraging proven modern technologies including solar, storage space, onshore and overseas wind, and waste to energy.

The cooperation intends to increase the development and procedure of large-scale renewable energy projects with a focus on several Organisation for Economic Co-operation and Development (OECD) markets.

"With MassMutual's focus on supplying lasting value and its objective helpful individuals secure their future and safeguard the ones they enjoy, our collaboration sets us securely on a trajectory to supply a net zero economy. I expect collaborating to make a purposeful international influence on large-scale renewable resource stipulation as a different to fossil fuels," stated Low Carbon Chief Executive and Founder Roy Bedlow.

The offer notes MassMutual's first European renewable resource partnership as it seeks to shift its $222BN AUM investment portfolio to net zero by 2050.

"MassMutual is deeply dedicated to minimising our ecological influence and constructing an extra lasting globe for our policyowners, consumers, workers and neighborhoods. Our collaboration with Low Carbon will certainly increase our initiatives in this area, as we share a common belief that by buying big range renewable energy projects, we can play a fundamental part in achieving an international net zero economic climate," commented MassMutual Chairman, President and Chief Executive Officer Roger Crandall.

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