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.