UK investment and asset management company Low Carbon has announced plans for a 600MW solar PV portfolio in Alberta, Canada, through a new joint venture (JV) with renewable energy developer NU-E Corp.
Low Carbon said that the JV is key to its development plans for the North American market, which is ultimately aiming to deploy 1.2GW of PV, wind and energy storage assets in Canada by the end of the decade.
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The 600MW portfolio is made up of existing early, mid and late-stage projects that NU-E Corp is developing, the first of which is expected to be operational in 2024.
Managing director of investments North America at Low Carbon, Ed Shelton, said: “In addition to this being a first-of-a-kind partnership for Low Carbon in North America, the JV with NU-E Corp ensures we are well positioned to act on the new investment incentives for Canadian renewable energy projects. These recent incentives will help provide long-term stability for investment and open up further opportunities for renewables development in Canada that support its net-zero ambitions.”
The Alberta Utilies Commission announced a 6-month moratorium on renewable energy projects this week, as it looks to address land use concerns raised by municipalities. The Canadian Renewable Energy Association called the pause a ‘mistake’ and said that it endangered the progress of the state’s renewable energy market.
Last month Low Carbon secured a £400 million capital commitment from Massachusetts Mutual Life Insurance Company to support its solar PV development portfolio in the UK, as reported by our sister site, Current±.