Mayer Brown advised John Hancock Life Insurance Co., U.S.A., a division of Manulife Financial Corporation and one of the largest life insurers in the US, on its $415 million acquisition of a minority interest in a commercial renewable energy portfolio owned by Duke Energy, one of the largest energy holding companies in the US.
With this acquisition, John Hancock will acquire a minority interest in entities holding approximately 1.2 GW of wind, solar and battery storage assets. John Hancock will also have the right to acquire a minority interest in certain additional wind and solar projects in the future. The transaction is expected to close in the second half of 2019, following the completion of customary regulatory approvals and closing conditions.
The team was led by Corporate & Securities partner Thomas Moore (Houston) and included: Tax Transactions & Consulting – partner Jeff Davis and associate Isaac Maron (both Washington DC); Banking & Finance – partner Andrew Young (Washington DC); Corporate & Securities – associate Federica Castro (Houston); and Government & Global Trade – partner Tim Keeler and associate Tim Lee (both Washington DC).
With this acquisition, John Hancock will acquire a minority interest in entities holding approximately 1.2 GW of wind, solar and battery storage assets. John Hancock will also have the right to acquire a minority interest in certain additional wind and solar projects in the future. The transaction is expected to close in the second half of 2019, following the completion of customary regulatory approvals and closing conditions.
The team was led by Corporate & Securities partner Thomas Moore (Houston) and included: Tax Transactions & Consulting – partner Jeff Davis and associate Isaac Maron (both Washington DC); Banking & Finance – partner Andrew Young (Washington DC); Corporate & Securities – associate Federica Castro (Houston); and Government & Global Trade – partner Tim Keeler and associate Tim Lee (both Washington DC).
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