UK investment and asset management company Low Carbon and US-based Massachusetts Mutual Life Insurance Company are building renewable energy Independent Power Producer (IPP). The deal marks MassMutual’s first European renewable energy partnership as it seeks to transition its $222bn AUM investment portfolio to net-zero by 2050.

The new partnership will target 20GW of renewable energy capacity by 2030 and focus on international projects leveraging proven technologies including solar, storage, onshore and offshore wind, and waste to energy.

Commenting on the deal, Low Carbon chief executive Roy Bedlow 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.”

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