John Hancock Insurance invests over USD 110 million in new solar PV in Massachusetts, North Carolina

Soltage-Greenwood PV reference system at a Sikorsky Aircraft Corporation site in Stratford, CT
Soltage-Greenwood PV reference system at a Sikorsky Aircraft Corporation site in Stratford, CT

Soltage-Greenwood, a joint venture between North American solar power provider Soltage LLC, and Greenwood Energy, the North and Latin American clean energy division of the Libra Group, on July 17th, 2014 announced an equity financing of USD 70 million led by John Hancock Life Insurance Company (U.S.A.) for the construction and operation of seven solar photovoltaic (PV) power stations in Massachusetts and North Carolina totaling 32 megawatts (MW) of generating capacity.


Second round of solar PV assets in 2014

This is the second Soltage-Greenwood commitment led by John Hancock, and builds upon a first round of solar PV assets announced earlier this year.

"This second portfolio demonstrates the stability and repeatability of solar investment through our capital platform," said Jesse Grossman, Soltage co-founder & CEO.

"We look forward to managing these solar assets for the benefit of our electricity clients and investment partners for decades to come."

Together, the consortium of investors has committed more than USD 110 million of investment into 13 Soltage-Greenwood PV projects, located in five states with a combined generating capacity of 45 MW. Once commissioned, solar power will be sold exclusively through long-term agreements with a mix of municipalities and utilities.

"We are truly pleased to have John Hancock's continued support in our current and future solar projects," said Camilo Patrignani, CEO of Greenwood Energy. "This comes as a great follow-up to the initial portfolio developed by the Soltage-Greenwood team earlier this year."

"We are pleased to execute an additional transaction with Soltage-Greenwood," said Recep C. Kendircioglu, CFA, Managing Director on John Hancock's Power & Infrastructure Group. "These solar assets represent a continuation of our relationship with the Soltage-Greenwood team to further deploy capital into clean, reliable sources of energy."


2014-07-21 | Courtesy: Soltage-Greenwood | © Heindl Server GmbH

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