Soltage-Greenwood, a joint venture between the North American clean energy division of the Libra Group and solar power provider Soltage LLC, has signed a deal with John Hancock Life Insurance Co. to lead equity financing for the construction and operation of multiple solar power stations across the U.S. A consortium of investors led by John Hancock and the 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 midyear. Once commissioned, electricity will be sold exclusively through long-term agreements with a mix of top-tier corporate customers, municipalities and utilities.
‘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,’ says Jesse Grossman, Soltage co-founder and 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.’