Low Carbon Limited of the United Kingdom and Massachusetts Mutual Life Insurance Company (MassMutual) of the United States have teamed up to create a worldwide renewable energy Independent Power Producer (IPP).

The new coalition, which aims to achieve 20 GW of renewable energy capacity by 2030, intends to use each company’s distinct market position and domain expertise to accelerate the transition to renewable energy. The strategic alliance will concentrate on projects worldwide that use proven technologies such as solar, storage, onshore and offshore wind, and waste-to-energy. The collaboration intends to speed up the development and operation of large-scale renewable energy projects.

Low Carbon’s mission is to establish third-party investment funds with the goal of channelling resources into large-scale renewable energy infrastructure projects in the UK, Europe, and selected worldwide markets. This is also supported by the cooperation with MassMutual. This is MassMutual’s first European renewable energy cooperation. It is part of the company’s plan to transition its $222 billion AUM investment portfolio to net zero by 2050.

REGlobal’s Views: Many large developers and investment firms are collaborating for renewable energy expansion in established as well as emerging markets. Such collaborations reduce their exposure to financing and project related risks.