Soltage-Greenwood has announced an equity financing of $70 million led by John Hancock Life Insurance Co. for the construction and operation of seven solar PV projects totaling 32 MW in Massachusetts and North Carolina.
Soltage-Greenwood is a joint venture between North American solar provider Soltage LLC and Greenwood Energy, the North and Latin American clean energy division of the Libra Group.
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. Together, the consortium of investors has committed more than $110 million of investment into 13 Soltage-Greenwood solar projects, located in five states with a combined generating capacity of 45 MW. Once commissioned, electricity will be sold exclusively through long-term agreements with a mix of municipalities and utilities.
‘This second portfolio demonstrates the stability and repeatability of solar investment through our capital platform,’ says Jesse Grossman, Soltage co-founder and CEO. ‘We look forward to managing these solar assets for the benefit of our electricity clients and investment partners for decades to come.’
‘We are pleased to execute an additional transaction with Soltage-Greenwood,’ adds Recep C. Kendircioglu, managing director at John Hancock's power and 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.’