January 4 (Renewables Now) - US life insurance company John Hancock, part of Canada’s Manulife Financial Corporation (TSE:MFC), has acquired an equity interest of an undisclosed size in a 413-MW solar power portfolio created by Pine Gate Renewables.
The latter announced the transaction on Wednesday, saying that it had entered into a partnership with the life insurer and that it will continue to operate and manage the assets. The portfolio in question includes 35 solar plants located in North Carolina, South Carolina and Oregon.
The equity stake was bought by John Hancock Life Insurance Company and private equity fund John Hancock Infrastructure Fund GP (JHIF), which is managed by the John Hancock Power & Infrastructure team.
The parties did not mention the financial terms of the deal.