Low Carbon has secured a landmark investment from CVC DIF that will provide about £1.1 billion in committed capital, the renewable energy developer said.
The funding package combines CVC DIF’s primary equity, follow-on investment from existing shareholder MassMutual, the refinancing of existing project finance debt and a Holdco facility, according to Low Carbon. As part of the transaction, CVC DIF will take a majority controlling stake to support the expansion of the company’s installed capacity and advance its next phase of growth as a pan-European independent power producer.
Low Carbon said the investment strengthens its position in the UK and Europe’s energy transition as both regions work toward increasingly ambitious renewable energy targets. The company has a 16GW development pipeline and 1GW of operational and in-construction assets, and said the new capital will help grow its presence in the UK, Germany and Poland.
The developer aims to bring a 3GW portfolio of utility-scale solar, onshore wind, battery storage and co-located assets into operation over the coming years. CVC DIF said it brings two decades of renewable energy expertise spanning wind, solar, hydropower, battery energy storage and biogas. MassMutual will remain an investor and continue to support Low Carbon’s expansion.
Founder and chief executive Roy Bedlow said the investment reflects strong confidence in the company’s long-term strategy. “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,” he said. He added that MassMutual’s continued backing “underlines our shared ambition of delivering long-term value across the full investment cycle of renewables.”
Caine Bouwmeester, partner and head of renewable energy at CVC DIF, said, “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.”
Drew Dickey, head of alternative investments at MassMutual, said the company has made “significant strides” since its original investment and welcomed the “combination of capital and experience that CVC DIF brings to Low Carbon.”
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.
