NEW YORK: January 16, 2014 – Soltage-Greenwood, a joint venture between the North American clean energy division of the Libra Group and premier North American solar power provider Soltage, LLC, today announced that John Hancock Life Insurance Company (U.S.A.) will lead equity financing for the construction and operation of multiple solar power stations across the United States. A consortium of investors led by John Hancock and 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 mid-year. Once commissioned, electricity will be sold exclusively through long-term agreements with a mix of top tier corporate customers, municipalities and utilities.
“We are very excited to have a company of John Hancock’s caliber supporting our current and future solar projects,” said Camilo Patrignani, Head of Americas for the Libra Group. “We believe we are well positioned to quickly and efficiently capitalize on the growing demand for distributed clean energy well into the future.“
“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,” said Jesse Grossman, Soltage co-founder & 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.”
“We are pleased to execute this transaction with Soltage-Greenwood,” said Recep C. Kendircioglu, CFA, Managing Director on John Hancock’s Power & Infrastructure Group. “We look forward to growing this relationship into a larger platform that continues to invest in clean, reliable sources of energy.”
Soltage-Greenwood, a joint venture formed in 2013, is focused on the development, financing and operation of solar power plants for commercial-scale customers. The joint venture combines Greenwood Energy, the North American renewable division of the Libra Group – an international business group with diversified holdings across five continents with Soltage, LLC, a leader in U.S. solar development backed by a group of investors including Tenaska, one of America’s largest independent energy companies with approximately 13,000 megawatts of power generating assets under management.