CleanCapital attracts USD 300m for distributed solar investment

CleanCapital, which invests in US distributed solar assets, said on Tuesday it has secured a USD-300-million (EUR 249m) corporate investment from Manulife Investment Management.

The New York-based company will use the funds to grow its portfolio through the acquisition of operating solar, new build solar and energy storage projects. Alongside the investment, the company announced two solar deals totalling 63 MW.

Manulife Investment Management is the wealth and asset management unit of Canada's Manulife Financial Corp (TSE:MFC). Its commitment was sourced for the John Hancock Life Insurance Company (USA) balance sheet as well as third party managed accounts, CleanCapital said. John Hancock is part of Manulife.

CleanCapital has acquired a 16-MW operating solar portfolio that consists of 30 assets situated in 10 states. In the second deal, the company has become the sole owner of a 46.9-MW operating solar portfolio that it originally acquired in 2018 through an equity partnership with BlackRock Renewable Power Group. The portfolio is made up of 60 projects with 26 long-term off-takers in California, Massachusetts and New Jersey.

Jason Segal of Bank Javelin Capital, which advised CleanCapital, said that "[b]y structuring the partnership as a platform investment, the Company has increased flexibility to continue to work with leading developers."

CleanCapital has so far made more than USD 775 million in acquisitions. It manages 200 MW across 152 projects in 18 states.

(USD 1.0 = EUR 0.830)

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