CVC Leads $1.3 Billion Deal to Back UK Energy Firm Low Carbon

British green-power developer Low Carbon has raised £1.1 billion ($1.3 billion) in a deal that will result in CVC Capital Partners becoming the company’s majority owner.

The investment, which CVC is doing via its infrastructure arm, will help Low Carbon expand its renewable electricity business in the UK and Europe as the region tries to cut dependence on natural gas by relying more on cleaner alternatives. Massachusetts Mutual Life Insurance Company, an existing shareholder in Low Carbon, also contributed funds, according to a statement on Monday that didn’t disclose how much each party invested.

“As a private markets company, ...