PwC supports Low Carbon on landmark £1.1 billion refinancing and investment from CVC DIF

PwC is delighted to have supported Low Carbon on its landmark £1.1 billion investment and refinancing transaction involving CVC DIF, the infrastructure strategy vehicle of CVC, and existing shareholder MassMutual.

Low Carbon is a UK-headquartered international renewable energy developer, with a 16 GW pipeline and over 1 GW of operational and in-construction solar, onshore wind, battery storage, and co-located assets across the UK and Europe, where it aims to bring a 3GW portfolio of operational utility-scale assets into operations in the coming years. The transaction will see CVC DIF acquire a majority controlling stake through primary equity investment, alongside follow-on funding from MassMutual and the refinancing of existing project finance debt. The combined proceeds will secure approximately £1.1 billion of committed capital to accelerate Low Carbon’s next phase of growth as a leading, diversified independent power producer (IPP).

This new partnership with CVC DIF, combined with continued support from MassMutual positions Low Carbon to play a major role in delivering the UK’s Clean Power 2030 plan and the EU’s 42.5% renewable energy target. The investment also reflects confidence in Low Carbon’s 170-strong team and in-house AI platform, which underpins its ability to optimise its assets and returns, essential to long-term value creation.

PwC provided financial and tax refinancing due diligence, tax structuring and tax model review to Low Carbon.