Low Carbon has secured a landmark investment from CVC DIF that will provide about £1.1 billion of committed capital for the company, according to the developer.
Low Carbon said the funding combines CVC DIF’s primary equity, follow-on investment from existing shareholder MassMutual, the refinancing of existing project finance debt and a Holdco facility.
The company said CVC DIF will take a majority controlling stake to support the expansion of installed capacity and drive its next stage of growth as a pan-European independent power producer.
Low Carbon said the partnership positions the developer to remain at the forefront of the UK and Europe’s energy transition as both regions set ambitious renewable energy targets.
The developer said it has a 16GW pipeline and 1GW of operational and in-construction assets, with the new capital helping to grow its presence in the UK, Germany and Poland.
Low Carbon added that it aims to bring a 3GW portfolio of utility-scale solar, onshore wind, battery storage and co-located assets into operation in the coming years.
CVC DIF said it brings long-standing renewable energy expertise through a sector specialist team with a 20-year track record across wind, solar, hydropower, BESS and biogas.
MassMutual will continue to support Low Carbon’s growth with additional investment and will work closely with CVC DIF, the company said.
Founder and chief executive of Low Carbon, Roy Bedlow, said: “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, said: “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, said: “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.”
Low Carbon said the investment will be made through DIF Infrastructure VIII and is expected to close in the fourth quarter of 2025 subject to customary conditions.
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