Joint venture Soltage-Greenwood announces an equity financing of $70 million led by John Hancock Life Insurance Company. The funds will be used for the construction and operation of seven solar PV power stations in Massachusetts and North Carolina, totaling 32 MW of generating capacity.
Soltage-Greenwood, a joint venture between the North American solar power provider Soltage, LLC, and Greenwood Energy, the North and Latin American clean energy division of the Libra Group, has announced an equity financing of $70 million led by John Hancock Life Insurance Company (U.S.A.). The funds will be used for the construction and operation of seven solar PV power stations in Massachusetts and North Carolina, totaling 32 MW of generating capacity.
This is the second Soltage-Greenwood commitment led by John Hancock, and builds on 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 the projects are commissioned, electricity they generate 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,” 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.”
“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.”