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, 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 C. 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. Soltage, which is backed by the independent energy company Tenaska, already manages an impressive portfolio of roughly 13,000 megawatts of power generating assets.
In Stratford, CT, Soltage installed 450 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 in New Britain, CT.
The joint venture with Soltage will significantly expand Greenwood’s presence in the distributed solar space.