CVC Capital Partners has agreed to invest £1.1bn ($1.3bn) in UK-based renewable energy developer Low Carbon, taking a majority stake in the company, according to a report by Bloomberg.
The investment is being made through CVC’s DIF Infrastructure VIII fund, and will support Low Carbon’s expansion across the UK and Europe as the region accelerates its shift away from natural gas. Existing shareholder Massachusetts Mutual Life Insurance Company also participated. Financial terms for each investor were not disclosed.
Low Carbon currently has 16GW project pipeline and 1GW of operating or in-construction assets. It will use the new capital to accelerate the build-out of solar, onshore wind and battery storage projects in core markets including the UK, Germany and Poland.
