LONDON : British renewable energy investment firm Low Carbon has entered into a joint venture with Canadian solar developer NU-E Corp to expand into the North American market, it said on Thursday.
Initially, the joint venture will develop an existing 600 megawatt pipeline of solar photovoltaic (PV) projects in Canada. The first of these projects is expected to become fully operational next year.
The JV aims to bring online 1.2 gigawatts (GW) of solar PV, onshore wind and battery storage projects in Canada by the end of the decade, Low Carbon said.
Low Carbon aims to create 20 GW of new renewable energy capacity worldwide by 2030. Last month, it secured up to 400 million pounds ($511 million) of capital from life insurance company MassMutual.
($1 = 0.7822 pounds)