Project Focus: MetLife, John Hancock to finance 19MW PV system to be built by SunPower in Colorado

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Two major players from the financial sector are investing in what will be Colorado’s largest solar photovoltaics power station when completed. MetLife and John Hancock Financial Services will finance the construction and third-party ownership of a 19MW (AC) PV system that SunPower is contracted to build for Xcel Energy in Alamosa County, the companies said.

Construction on the plant will begin this spring, with operations expected to commence before the end of the year. Some 100 jobs will be created during construction.

The installation will employ SunPower’s T20 Tracker systems, although other details about the specific project site, modules, inverters, and other BOS components to be deployed have not been disclosed.

“This project builds upon the more than $1 billion that MetLife has already invested in renewable energy projects, said Steve Kandarian, executive VP and chief investment officer for MetLife. “It also demonstrates our commitment to support growth in the solar energy market by making it easier and more affordable for businesses and public entities to benefit from solar electricity.”

“John Hancock is delighted to continue our work financing large scale solar power in the U.S. with this major project that brings together such first-class partners,” said John Anderson, senior managing director and head of John Hancock’s Power and Infrastructure Group. “The project finance teams at John Hancock and our parent company, Manulife Financial, have a portfolio of renewable energy financings that includes more than $2 billion of projects in the U.S. and Canada.”

CP Energy Group served as an adviser to MetLife on the transaction.

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