The distributed solar power industry has recruited another brand-name investment backer: the John Hancock Life Insurance Company.
John Hancock, a division of the Canadian financial services conglomerate Manulife Financial Manulife Financial, said it would join the Libra Group in providing equity funding of $40 million for a portfolio of solar power projects in the United States.
“We look forward to growing . . . a larger platform that continues to invest in clean, reliable sources of energy,” said Recep Kendircioglu, CFA, Managing Director on John Hancock’s Power Infrastructure Group.
The projects will be developed by Soltage, LLC, a solar integrator based in Jersey City, NJ. is backed by a group of investors, including Tenaska – a major independent energy company with an impressive portfolio of roughly 13,000 megawatts of power generating assets under management.
In Stratford, CT, Soltage installed 450 Kyocera Kyocera solar modules on the roof of Sikorsky Aircraft Corp, which has an installed capacity of about 95 kilowatts.
In 2013, Soltage formed Soltage-Greenwood, a joint venture with Greenwood Energy.
The consortium plans to bring at least six commercial-scale solar projects online in Delaware, Massachusetts, New York and Vermont by later this year.
Greenwood Energy, the North American division of the Libra Group based in Green Bay, WI, has already assembled an impressive portfolio of cogeneration projects in the commercial sector, including two projects at hotels in New York City and a larger 1.4 megawatt project with FuelCell Energy FuelCell Energy in New Britain, CT.
The joint venture with Soltage will significantly expand Greenwood’s presence in the distributed solar space.