Tax Equity Advisors join forces on over $100M of solar financing
Written By: Katherine Demetre
September 7, 2017
On Sept. 7, 2017, 38 Degrees North, who recently established an equity consortium with John Hancock Life Insurance Company and Tax Equity Advisors, announced that they acquired a portfolio of twenty community solar projects in Massachusetts, reflecting a capital commitment of greater than $100 million.
According to 38 Degrees North, they are the managing equity member of the capital syndicate, which is assumed to represent one of the largest project portfolios in the Massachusetts SREC II market.
The company continued, stating that as part of the acquisition, John Hancock invested debt and equity, while Tax Equity Advisors invested the tax equity capital on behalf of a Fortune 500 corporate client. 38 Degrees North originated the opportunity, structured the investment, and is set to manage and oversee the assets day to day. In addition, 38 Degrees North is the consolidating managing member of an equity partnership with John Hancock.
Jonathan Silver, Managing Director of Tax Equity Advisors, commented:
We are pleased to be working with 38 Degrees North and John Hancock on this high quality community solar portfolio. Our corporate client base has a strong interest in the solar market in general and an increasing focus on the emerging community solar market.
Stratton recently sat down with Jonathan Silver of Tax Equity Advisors to discuss the future of tax equity in solar. Click here to read his insights on the market.
Stratton will also be covering the much-anticipated Solar Power International conference. Click here to learn more about our coverage.