Low Carbon Expands with Landmark Renewables JV with NU-E Corp on Initial 600MW Pipeline
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The announcement marks a major milestone for Low Carbon’s ambitions in the North American market as it targets the creation of 20GW of new renewable energy capacity by 2030
Global renewable energy company Low Carbon has expanded its operations in the North American renewables market through a JV with large-scale renewable energy developer NU-E Corp aiming to bring 1.2 GW of solar PV, onshore wind and battery storage projects in Canada online by the end of the decade.
The partnership will see Low Carbon and NU-E Corp initially develop an existing 600MW pipeline of solar PV projects in Alberta, which consists of a mixture of early, mid and late-stage development projects with the first project expected to reach COD in 2024. The partnership between Low Carbon and NU-E Corp has the potential to grow to a multi-gigawatt capability across different renewable energy technologies in Canada.
The JV to develop greenfield renewable projects in Canada is a key milestone for Low Carbon’s ambitions for the North American market. Low Carbon will combine its global expertise in large-scale renewable energy development with specialists NU-E Corp, who are actively developing solar projects in Alberta.
With a significant international pipeline in development, today’s announcement builds further momentum in support of Low Carbon’s strategic goal to create 20GW of new renewable energy capacity by 2030. It follows the recent announcement that MassMutual has made a £400m capital commitment to support Low Carbon’s pipeline of renewable energy projects up until 2025.
See related article: Investment Firm Low Carbon Secures $513 Million for Renewables Projects
Commenting on the announcement, Founder and Chief Executive of Low Carbon, Roy Bedlow, 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.”
Managing Director of Investments North America at Low Carbon, Ed Shelton, said: “Today’s announcement is a major milestone for Low Carbon’s North American operations. In addition to this being a first-of-a-kind partnership for Low Carbon in North America, the JV with NU-E Corp ensures we are well positioned to act on the new investment incentives for Canadian renewable energy projects. 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 Chief Operating Officer of NU-E Corp, expressed his enthusiasm for the partnership, stating: “We are delighted to partner with Low Carbon, a leading renewable energy company. 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.”