With support from John Hancock Life Insurance Co., CleanCapital, a newly launched fintech company, has closed its first financing offering. The company says the offering allowed individual private investors to invest directly into a diversified portfolio of 14 distributed solar projects in six states, and John Hancock invested senior debt into the $21 million portfolio.
“This is an exciting time for CleanCapital and a turning point for clean energy investing, as we demonstrate to the market a more efficient process for solar developers to quickly exit their existing distributed generation portfolios,” says Jon Powers, co-founder of CleanCapital. “We are pleased to have John Hancock’s support because of their long history of financing in the renewable energy space.”
Scott Kushner, director of power and infrastructure at John Hancock, adds, “Solar project investing offers the opportunity to invest in clean and renewable sources of energy with predictable cashflows each year. CleanCapital provides high-quality investment opportunities with long-term power contracts.”
According to CleanCapital, the portfolio includes a mixture of ground-mounted and rooftop solar systems that provide electricity to school districts, universities, and large enterprises. The CleanCapital-John Hancock financing enabled large institutional investors to make high-impact and high-yield investments in clean energy channels, the company adds.
This is the first in a series of offerings CleanCapital will roll out this year, as the company says it already has over $100 million in operating distributed generation solar projects in the pipeline for future investments.