MassMutual, Low Carbon unite to form IPP with 20GW renewables target

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Low Carbon currently has a pipeline of more than 4GW in development, according to its website. Image: Low Carbon

UK investment and asset management firm Low Carbon and US insurance company Massachusetts Mutual Life (MassMutual) have teamed up to build a global independent power producer (IPP) that has a stated target of 20GW of renewables by 2030.

The presence of solar across this 20GW will “vary by market and over time”, said Low Carbon marketing director Quentin Scott.

“However, to offer a sense of near-term scale, for the UK alone, we have a pipeline in development of roughly 2GW of solar farm pipeline capacity,” Quentin said. “I believe this would make us one of the leading developers by capacity today.”

The partnership will focus on large-scale international projects in OECD markets deploying solar, storage, onshore and offshore wind, and waste to energy.

It is MassMutual’s first European renewable energy partnership as it seeks to transition its US$222 billion worth of assets under management to net zero by 2050.

“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,” said MassMutual president and CEO Roger Crandall.

“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,” said Low Carbon founder and CEO Roy Bedlow.

Low Carbon will retain its brand name as it works towards its target of 20GW of renewables by 2030, said Scott.

Read Next

November 26, 2021
Portugal has launched its latest solar auction that is set to allocate 262MW of floating PV to be installed at seven dams across the country.
November 24, 2021
The South African mining industry is planning to build 3.9GW of renewable projects and storage that would see the sector make strides towards meeting its 2050 net zero target and relieve pressure on South African public utility Eskom, which has called on the industry to supplement its energy supply
November 22, 2021
Greta Thunberg’s verdict remains unchanged, but is the climate activist too pessimistic on the Glasgow Climate Pact, or is she right to dismiss the agreement?
November 22, 2021
With operational solar assets in certain markets advancing in years, the question about when and under what circumstances to repower them is becoming increasingly common. Alice Grundy looks at the key drivers behind repowering PV.
November 17, 2021
China has revealed its initial subsidy limits for existing renewables projects in 2022, however it remains to be seen whether the funding is to be topped up.
November 17, 2021
Prices for solar modules in the US are expected to normalise following last week’s rejection of a petition surrounding alleged anti-circumvention of anti-dumping and countervailing duties (AD/CVD).

Subscribe to Newsletter

Upcoming Events

Solar Media Events
December 1, 2021
Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal