Diversified clean energy company CleanCapital announced an investment of $500 million from Manulife Financial’s global wealth and asset management business, Manulife Investment Management, with proceeds from the funding aimed at financing early-stage solar and storage development, acquiring renewable energy assets across the U.S., and expanding into emerging markets.

Founded in 2015, CleanCapital is a middle market-focused solar and storage investor. The company has acquired and managed more than 200 operating and new construction projects across 26 states and, totaling more than 400 MW, and is one of the top ten commercial solar asset owners in the U.S.

Alongside the financing announcement, CleanCapital also revealed a milestone of deploying more than $1 billion to fund operating, new construction, and early-stage development solar and storage assets.

Thomas Byrne, CEO, CleanCapital, said:

“Our team’s climate investing capabilities, combined with our rigorous and highly institutionalized process, have earned the trust of the world’s leading institutional investors. This second infusion of balance sheet capital follows the successful deployment of Manulife Investment Management’s original $300 million investment, announced 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.”

Recep Kendircioglu, global head of infrastructure, Manulife Investment Management, added:

“We’re 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 toward clean energy and GHG reduction remains steadfast. 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.”