Pine Gate Renewables has entered into a partnership with John Hancock to own and manage 413MW across 35 PV projects in North Carolina, South Carolina, and Oregon.
As part of the deal, Pine Gate Renewables will continue to operate and provide asset management services for the facilities, while John Hancock is taking an equity interest in the facilities. Terms of the transaction are not being disclosed.
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The stake in the portfolio was acquired by John Hancock Life Insurance Company and the John Hancock Infrastructure Fund, GP (JHIF).
Scott Kushner, managing director of the John Hancock Power and Infrastructure Group, said: “Pine Gate has done an excellent job of creating a heavily contracted portfolio of solar facilities. We are pleased to have the opportunity to invest with them. The partnership with Pine Gate Renewables continues our strategy of working with best in class developers, owners and operators of renewable projects in the US.”
CEO Ben Catt added: “Pine Gate Renewables is excited to partner with John Hancock to bring clean, reliable solar energy to the grid. We hope to partner with the John Hancock team on future opportunities as well.”