Last year the UK government set out its Clean Power 2030 plan which will involve doubling onshore wind capacity and trebling solar PV, which will require £40 billion of investment each year. Similarly, the European Union recently set a new target of 42.5% renewable energy. This new partnership between CVC DIF, its investors and Low Carbon will allow the company to remain at the forefront of this transition to a clean, secure and affordable electricity sector in the UK and across Europe.
With a 16 GW pipeline and 1 GW of highly contracted operational and in construction asset base, the new capital from CVC DIF will help to grow Low Carbon’s presence across core markets including the UK, Germany, and Poland, where it aims to bring a 3 GW portfolio of operational utility-scale solar, onshore wind, battery storage and co-located assets into operations in the coming years.
It also demonstrates confidence in the expertise of Low Carbon’s team across the value chain of 170 people to develop, construct and operate world-class renewable infrastructure by leveraging its in-house AI technology platform to optimise its assets and returns, essential to long-term value creation.
CVC DIF brings significant renewable energy experience to this new partnership, with a dedicated sector specialist team and having invested in a diverse portfolio of assets and platforms across wind, solar, hydropower, BESS and biogas. It has a proven 20-year track record of value creation within this sector and can also leverage the strength and depth of the broader CVC network, providing on-the-ground local market expertise and insights.
MassMutual, a significant shareholder in Low Carbon after forming a strategic partnership in 2021, will continue to support the growth of the business with additional investment and will work closely with CVC DIF to accelerate the build out of Low Carbon’s renewables pipeline.
Founder and Chief Executive of Low Carbon, Roy Bedlow, commented “I would like to thank CVC DIF and their investors for the confidence they have placed in Low Carbon and our ability to develop, build and operate high-quality renewable assets in the UK and Europe. In addition, MassMutual’s continued investment in Low Carbon underlines our shared ambition of delivering long-term value across the full investment cycle of renewables that will help accelerate our goal to deploy renewable energy at scale to help tackle climate change.”
Caine Bouwmeester, Partner and Head of Renewable Energy at CVC DIF, added: “We are excited to partner with Low Carbon, a best-in-class renewable energy company which we have known well for more than a decade. This investment reflects our shared conviction in the critical role renewables will play in the energy transition. Low Carbon’s talented team, strong culture, and disciplined development strategy position it to lead the next phase of growth in the sector. Together with Roy, his team, MassMutual, and our highly supportive co-investors, we look forward to building on this momentum and generating attractive risk adjusted returns for our investors.”
Drew Dickey, Head of Alternative Investments at MassMutual, added: “Significant strides have been made since our original investment in Low Carbon to distinguish it as a top performing renewable energy company. We welcome the combination of capital and experience that CVC DIF brings to Low Carbon, which will provide important leadership to the buildout of our ambitious pipeline of renewable energy projects.”
The CVC DIF investment will be made through DIF Infrastructure VIII (“DIF VIII”) and is expected to close during the fourth quarter of 2025, subject to customary closing conditions.
Evercore acted as advisers for Low Carbon on the transaction.