Akin Gump Advises 38 Degrees North in Financing of Massachusetts Community Solar Portfolio
(Washington, D.C.) – 38 Degrees North, a renewable energy infrastructure developer and manager, has established a consortium with John Hancock Life Insurance Company (U.S.A.) and a Fortune 500 company (through its representative, Tax Equity Advisors, LLC) that recently acquired a portfolio of 20 community solar projects in Massachusetts. The deal reflects an aggregate capital commitment of more than $100 million of debt and equity. Akin Gump advised 38 Degrees North in the matter.
38 Degrees North originated the opportunity, structured the investments and manages the capital syndicate and its assets, which comprise one of the largest portfolios of projects in the Massachusetts SREC II (Solar Renewable Energy Certification) market.
As part of the financing, John Hancock has invested debt and equity, while Tax Equity Advisors has invested tax equity capital on behalf of its client. The parties may also choose to utilize the existing structure for additional project acquisitions.
John Marciano, a partner in Akin Gump’s global project finance practice, led the team advising 38 Degrees North. He was joined by counsel Aaron Bartell and Scott Cockerham and associate Amelia McKeithen.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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