Renewable energy infrastructure investment manager 38 Degrees North has established an equity consortium with John Hancock Life Insurance Company (USA) and Tax Equity Advisors, LLC that recently acquired a portfolio of twenty community solar projects in Massachusetts, reflecting a capital commitment of greater than $100 million. According to the company, 38 Degrees North is the managing equity member of the capital syndicate, which represents one of the largest project portfolios in the Massachusetts SREC II market. The »SREC« program has been launched by the Massachusetts Department of Energy Resources (DOER) to carry Massachusetts to its goal of installing 1,600 MW of solar capacity by 2020.

As part of the acquisition, John Hancock has invested debt and equity, while Tax Equity Advisors has invested the tax equity capital on behalf of an unnamed Fortune 500 corporate client. 38 Degrees North originated the opportunity, structured the investment, and manages and oversees the assets day to day.

38 Degrees North is an investment manager specializing in contracted renewable energy infrastructure with a primary focus on solar energy. The managing partners have a track record of over 3 GW of renewable energy project financings across a variety of asset classes. John Hancock is a division of the international financial services group Canadian Manulife Financial Corporation, operating as John Hancock in the United States, and Manulife elsewhere. Assets under management and administration by Manulife and its subsidiaries were over USD 780 billion as of June 30, 2017. Tax Equity Advisors (TEA) is a boutique investment manager that helps large companies with federal tax liabilities develop, deploy and manage their renewable energy tax credit strategies without the need for large, permanent teams of expensive in-house experts.