Duke closes sale of 1.2 GW of renewables to John Hancock

Millfield solar park, North Carolina. Author: PRNewsFoto/Duke Energy

September 9 (Renewables Now) - US utility Duke Energy (NYSE:DUK) said on Friday it has completed the sale of 1.2 GW of wind, solar and battery storage assets to the John Hancock group, part of Canada’s Manulife Financial Corporation (TSE:MFC).

The particular power plants are owned and operated by Duke Energy’s affiliate Duke Energy Renewables and are part of the utility’s commercial renewable energy portfolio. As part of the deal, the John Hancock Life Insurance Company and private equity fund John Hancock Infrastructure Fund GP (JHIF), part of Manulife Investment Management, will get 49% of 37 operating wind, solar and battery storage plants and 33% of 11 photovoltaic (PV) assets. This will make it the owner of 1.2 GW of capacity.

The total enterprise value of the deal is estimated at USD 1.25 billion (EUR 1.12bn), including proportional existing project-level debt. As previously announced, the transaction gives John Hancock the right to buy a minority interest in other Duke Energy wind and solar projects in the future.

Duke Energy was advised on legal issues by Hunton Andrews Kurth LLP, while Morgan Stanley was its exclusive financial. John Hancock, meanwhile, was advised by law firms Mayer Brown LLP and Day Pitney LLP.

(USD 1.0 = EUR 0.899)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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