John Hancock takes equity interest in 413-MW Pine Gate Renewables solar portfolio
Pine Gate Renewables has entered into a partnership with John Hancock to own and manage 413 megawatts across 35 solar facilities in North Carolina, South Carolina and Oregon.
Pine Gate Renewables—a national utility-scale solar developer, owner and operator—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. The stake was acquired by John Hancock Life Insurance Company and the John Hancock Infrastructure Fund. JHIF, an infrastructure-focused private equity fund with approximately $2 billion of committed capital, is managed by the John Hancock Power & Infrastructure team.
“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,” said Scott Kushner, managing director of the John Hancock Power and Infrastructure Group. “The partnership with Pine Gate Renewables continues our strategy of working with best in class developers, owners and operators of renewable projects in the U.S.”
“Pine Gate Renewables is excited to partner with John Hancock to bring clean, reliable solar energy to the grid,” said CEO Ben Catt. “We hope to partner with the John Hancock team on future opportunities as well.”
News item from Pine Gate Renewables