September 7, 2017
WASHINGTON, D.C., September 7, 2017 – Tax Equity Advisors, LLC (TEA), an investment advisory firm that manages all aspects of solar tax equity investing on behalf of large corporations, has closed a $39 million financing in a portfolio of community solar projects in Massachusetts on behalf of a major U.S. corporation. The financing will support a total investment of more than $100 million.
The twenty-project portfolio is being managed by 38 Degrees North, a renewable energy infrastructure investment manager. Additional debt and equity were provided by John Hancock Life Insurance Company USA.
“Solar tax equity is of significant interest to our client base and the emerging community solar market is particularly attractive,” said Jonathan Silver, Managing Director at Tax Equity Advisors. “Our client, a Fortune 500 company, was looking to generate attractive returns and support the increased use of solar. We were pleased to be able to work with such experienced financing partners on this transaction and look forward to working with them again.”
Ryan Bennett, Managing Partner at 38 Degrees North said, “The Tax Equity Advisors firm has tremendous expertise guiding corporate tax equity into projects. We are already working with them on several new opportunities.”
Scott Kushner, Managing Director at John Hancock said, “Our partnership with Tax Equity Advisors and 38 Degrees North enables John Hancock to continue to deploy direct equity and debt capital in the attractive U.S. solar market.”
Funding for these projects has already begun and the portfolio should be fully funded and operational by the end of 2017.
About Tax Equity Advisors: Tax Equity Advisors (TEA) is an investment manager that helps companies with federal tax liabilities develop, deploy and manage their renewable energy tax credit strategies without the need for large, permanent teams of expensive in-house experts. The firm currently manages $400 million for its client base. For more information, please visit www.taxequityadvisors.com.
About 38 Degrees North: 38 Degrees North is an investment manager specializing in contracted renewable energy infrastructure with a primary focus on solar energy. The managing partners have a track record of over 3 GW of successful renewable energy project financings across a variety of asset classes. For more information, please visit: www.38degreesn.com.
About John Hancock Financial and Manulife: John Hancock is a division of Manulife Financial Corporation, a leading international financial services group that helps people achieve their dreams and aspirations by putting customers’ needs first and providing the right advice and solutions. We operate as John Hancock in the United States, and Manulife elsewhere. We provide financial advice, insurance and wealth and asset management solutions for individuals, groups and institutions. Assets under management and administration by Manulife and its subsidiaries were over $1 trillion (U.S. $780 billion) as of June 30, 2017. Manulife Financial Corporation trades as MFC on the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be found at www.manulife.com.
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