CleanCapital raises $500m in additional capital from Manulife

• Also, the funding will be used to acquire renewable energy assets throughout the US, as well as expand its partnerships in emerging markets
• Most recently, CleanCapital made its first investment in Rhode Island with a portfolio of operating solar assets and acquired an operating solar portfolio in New Jersey
• Kirkland & Ellis and Baker McKenzie represented CleanCapital and Manulife, respectively, as legal advisors on this transaction

New York-based CleanCapital, a clean energy company focused on mid-market solar and storage, has secured an additional commitment of up to $500 million from Manulife Investment Management.

CleanCapital will leverage this investment to fund early-stage solar and storage development and acquire renewable energy assets throughout the US, as well as expand its partnerships in emerging markets.

“We are delighted to continue our partnership with CleanCapital. Distributed solar and storage is a swiftly growing market, and our commitment to investing in assets that support the global shift towards clean energy and GHG reduction remains steadfast,” said Recep Kendircioglu, global head of infrastructure, Manulife Investment Management in a statement. “We view the CleanCapital team as leading the way in the distributed generation solar space and look forward to supporting the company as it continues to grow its asset base and reach across the U.S.,”

Most recently, CleanCapital made its first investment in Rhode Island with a 26 megawatt portfolio of operating solar assets and acquired a 35 MW operating solar portfolio in New Jersey.

Manulife Investment Management is a wealth and asset management affiliate of Manulife Financial Corp, a Canadian insurance and financial services company.

Kirkland & Ellis and Baker McKenzie represented CleanCapital and Manulife, respectively, as legal advisors on this transaction.