Global renewables firm Low Carbon has expanded its operations in North America through a development partnership with NU-E Corp.
Low Carbon said it has teamed up with the large-scale renewable energy developer to bring 1.2GW of solar photovoltaics, onshore wind and battery storage projects in Canada online by the end of the decade.
The pair intend to initially develop an existing 600MW pipeline of solar projects with the first project expected to reach a commercial operation date in 2024.
The latest partnership builds on Low Carbon’s strategic goal to create 20GW of new renewable energy capacity by 2030. The global renewable-energy investment manager recently received an investment of up to £400m (€467m) from Massachusetts Mutual Life Insurance Company to invest in projects.
Roy Bedlow, founder and CEO of Low Carbon, said: “We are delighted to be partnering with NU-E Corp to help drive our renewables expansion in North America. With more than a decade of experience creating large-scale renewables in the UK and Europe, the North American market represents a significant opportunity for the next stage of our growth as we look to accelerate the deployment of renewable energy on a global scale.”
Ed Shelton, MD of North America investments at Low Carbon, said in addition to the partnership with NU-E Corp being a first-of-a-kind partnership for Low Carbon in North America, the venture “ensures we are well positioned to act on the new investment incentives for Canadian renewable energy projects”.
Shelton added: ”These recent incentives will help provide long-term stability for investment and open up further opportunities for renewables development in Canada that support its net-zero ambitions.”
Brock Stewart, the COO of NU-E Corp, said: “This collaboration will allow us to leverage our respective strengths and resources to accelerate the development of NU-E Corp’s rapidly growing project portfolio. Together, we will make a significant contribution to diversifying Canada’s energy generation mix and achieving our shared vision of a net-zero future.”
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