By Nina Chestney
LONDON (Reuters) – British renewable energy investment firm Low Carbon said on Tuesday it had secured up to 400 million pounds ($513 million) of capital from life insurance company MassMutual to finance renewable energy projects in the UK, Europe and North America.
The capital commitment will be directed towards large-scale renewable energy projects and enable Low Carbon to provide liquidity for its pipeline of projects until 2025, the firm said.
Low Carbon aims to create 20 gigawatts of new renewable energy capacity by 2030. In May, it secured an additional 310 million pounds of financing for 450 megawatts of solar projects in Britain and the Netherlands from several leading banks.
This came on top of a 230 million pounds financing facility agreed last year with NatWest, Lloyds Bank and AIB.
Low Carbon also said it is also due to enter the German renewables market and expand into North America, without disclosing further details.
($1 = 0.7791 pounds)
(Reporting by Nina Chestney; Editing by Emma Rumney)
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