John Hancock backs US PV build

US life-insurance giant John Hancock will lead a group providing an initial $40m of financing for a series of mid-size PV projects being developed by the Soltage-Greenwood joint venture along the US East Coast.

The joint venture was founded last year between Greenwood Energy, the renewables arm of the Libra Group conglomerate, and Soltage, a New Jersey-based provider of mostly commercial-rooftop PV projects.

The $40m pot – fed by John Hancock, the Libra Group and others – will initially fund six projects in New York, Massachusetts, Delaware and Vermont, all of them slated for commissioning by mid-year.

The JV is benefiting from “the favorable solar markets that are solidifying up and down the Eastern seaboard”, says Soltage chief executive Jesse Grossman.

Recept Kendircioglu, managing director of John Hancock’s Power & Infrastructure Group, says: “We look forward to growing this relationship into a larger platform.”

Soltage is backed by Tenaska, the gas, electricity and biofuels conglomerate which is among the largest privately owned companies in the US.