Manulife Ups Commitment to $500M for Energy Storage Developer
Manulife Investment Management, part of Canadian international financial services company Manulife Financial Corp, committed an additional investment of up to $500 million to CleanCapital, an early-stage middle-market solar and energy storage project developer. This followed a $300 million initial cash infusion from Manulife in 2021.
“This is our largest raise to date and will enable CleanCapital to play a key role in leading the energy transition to meet our nation’s net zero emissions targets,” said Thomas Byrne, CEO.
The company also announced it had surpassed $1 billion in secured funding with this most recent investment. The original $300 million from Manulife was built on by a $200 million credit facility in May 2022.
The company makes strategic investments in early-stage, new construction, and operating renewables projects and development partners. To date, the company has invested $1 billion in projects and companies, including the acquisition of BQ Energy, a landfill and brownfield renewable energy development.
CleanCapital’s investments comprise a portfolio of more than 200 distributed generation projects totaling 400 MW and spanning 26 states.