John Hancock Life Insurance provides equity for solar power project

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
John Hancock Life Insurance provides equity for solar power project

Soltage-Greenwood, a joint venture between the North American clean energy division of the Libra Group and premier North American solar power provider Soltage, LLC, announced in mid January that John Hancock Life Insurance Company (U.S.A.) will lead equity financing for the construction and operation of multiple solar power stations across the United States. A consortium of investors led by John Hancock and Libra Group will provide an initial equity funding of $40 million.

A first portfolio comprising six solar projects located in Delaware, Massachusetts, New York and Vermont is expected to be online by mid-year. Once commissioned, electricity will be sold exclusively through long-term agreements with a mix of top tier corporate customers, municipalities and utilities.

Camilo Patrignani, Head of Americas for the Libra Group, said:

"We are very excited to have a company of John Hancock's caliber supporting our current and future solar projects. We believe we are well positioned to quickly and efficiently capitalize on the growing demand for distributed clean energy well into the future."

"This portfolio benefits from both the favorable solar markets that are solidifying up and down the Eastern seaboard, as well as our forward-thinking power customers - who are partnering with us to lock in dependable energy pricing over the next 10 to 20 years," said Jesse Grossman, Soltage co-founder & CEO. "We are proud to be adding these top quality generating assets to the fast-growing U.S. solar base and look forward to leveraging our expertise in their long-term management."

Recep C. Kendircioglu, CFA, Managing Director on John Hancock's Power & Infrastructure Group, said:

"We are pleased to execute this transaction with Soltage-Greenwood," said R. "We look forward to growing this relationship into a larger platform that continues to invest in clean, reliable sources of energy."

Soltage-Greenwood, a joint venture formed in 2013, is focused on the development, financing and operation of solar power plants for commercial-scale customers. The joint venture combines Greenwood Energy, the North American renewable division of the Libra Group - an international business group with diversified holdings across five continents with Soltage, LLC, a leader in U.S. solar development backed by a group of investors including Tenaska, one of America's largest independent energy companies with approximately 13,000 megawatts of power generating assets under management.

List of country news

Country news

  • February 06, 2014

    Riverstone Holdings-backed Liberty acquires oil & gas assets

    On January 30, 2014, Riverstone Holdings-backed Liberty Resources II LLC, a Denver-based oil and gas company, agreed to buy oil and gas assets in North Dakota's Williston Basin for US$455 million. Read more
  • February 07, 2014

    RFI launched for South Mountain Freeway Public-Private Partnership

    The Arizona Department of Transportation (ADOT) has invited interested parties to respond to the  Request for Information launched for the South Mountain Freeway to Develop and deliver a freeway system expansion in Maricopa County as a public-private partnership (PPP) project. Read more
  • February 10, 2014

    Post Oak Energy Capital raises $600m for infrastructure fund

    Post Oak Energy Capital announced on February 4th the closing of its second infrastructure fund with commitments totaling $600 million. Read more
  • February 10, 2014

    Travis County courthouse finally not a PPP

    The new courthouse for Travis County, Texas, will finally not use a public private partnership delivery method. Read more
  • February 11, 2014

    Bidder for Maryland light rail P3 challenged over Nazi deportation

    A bill introduced in the Maryland General Assembly would prohibit one of the firms bidding for the Maryland light-rail Purple Line project. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.