RUTLAND, Mass. and MOORESTOWN, N.J., Dec. 06, 2017 (GLOBE NEWSWIRE) -- ZPT Energy Solutions, a joint venture between Zero-Point Development. (“Zero-Point”), a leading solar project developer based in Rutland, Massachusetts, and Pro-Tech Energy Solutions (“Pro-Tech”), a leading energy services company headquartered in Moorestown, New Jersey, today announced the completion of the construction of a 31 MW (DC) solar energy portfolio comprised of nineteen projects spread across central and southeast Massachusetts.
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The ZPT portfolio was financed by John Hancock Life Insurance Company (U.S.A) (“John Hancock”), 38 Degrees North, LLC and Tax Equity Advisors, LLC, reflecting an investment of greater than $100 million. The savings provided by the projects will generate $35mm of total savings to the subscribers in the projects over 25 years, and will offset 730,000 tons of CO2.
As part of the project implementation, Zero-Point and Pro-Tech jointly managed all site identification and development, engineering, procurement, and construction.
The projects participate in Massachusetts’ Community Shared Solar program and will sell Net Metering Credits to over 90 municipalities, public housing authorities, non-profits, homeowners, and businesses. The sites are located in Charlton, Dighton, Leicester, Millbury, Monson, North Brookfield, Phillipston, Southbridge, Spencer, and Uxbridge. The interconnecting utility for all 20 projects is National Grid.
“In completing development of this large and complex portfolio, we are very thankful for our strong network of partners across each community,” said Brendan Gove, CEO of Zero Point Development. “The team at Zero-Point all grew up in this area and we are focused exclusively on developing high quality solar projects for the region. We are excited to continue to develop high quality projects to participate in Massachusetts’ new SMART program, and continue building on our strong capital relationship with John Hancock and 38 Degrees North.”
“Since 2010, Pro-Tech has been a leading provider of engineering, procurement and construction services for the solar industry in Massachusetts,” said Guy Winters, Chief Operating Officer of Pro-Tech Energy Solutions. “It was exciting for our team to leverage that experience, and our relationship with Zero Point, to develop and build this exceptional portfolio and to provide tangible benefits to a multitude of constituencies within the Commonwealth of Massachusetts.”
“John Hancock is pleased to have partnered with 38 Degrees North to invest in the Community Shared Solar portfolio developed and built by ZPT in our home state,” said Scott Kushner, Managing Director at John Hancock. “We continue to see and seek solid investment opportunities in the growing renewable energy market.”
“Pro-Tech and Zero-Point have done an outstanding job fostering relationships around the region to assemble this high-quality portfolio,” said Jake Carney, Managing Partner at 38 Degrees North. “We have been impressed with the team’s resourcefulness to develop and construct the projects on time and on budget.”
Jonathan Silver from Tax Equity Advisors added, “Tax Equity Advisors invests in well-structured community and residential solar projects across the US. We were impressed by the portfolio Pro-Tech and Zero-Point put together and look forward to the opportunity to work with them again.”
About Zero-Point Development: Zero-Point Development, Inc. is a construction and development company specializing in large, custom-built solar facilities. Our mission is to be where green energy begins; to provide the highest quality engineering techniques, financial and management skills, and turnkey solutions to a wide range of customers spanning multiple industries and geographies. With more than 175 MW (DC) of generation installed and in-development, Zero-Point exceeds industry standards to ensure that our customers receive the most reliable, cost-effective system on the market.
About Pro-Tech Energy Solutions: Pro-Tech is dedicated to the development, engineering and construction of commercial scale solar projects for financial, commercial, utility and government customers. A leading vertically integrated, renewable energy company, Pro-Tech develops, finances and provides full engineering, procurement and construction services for commercial and utility scale solar projects throughout the United States. Pro-Tech’s integrated approach across the solar supply chain enables it to deliver the highest value to our clients and partners and achieve successful results on every project. To date, Pro-Tech has completed over 250 MWs (DC) of solar projects and has more than 350 MWs (DC) of solar projects currently in development.
About John Hancock: John Hancock is a division of Manulife Financial Corporation, a leading international financial services group that helps people achieve their dreams and aspirations by putting customers’ needs first and providing the right advice and solutions. We operate primarily as John Hancock in the United States, and Manulife elsewhere. We provide financial advice, insurance and wealth and asset management solutions for individuals, groups and institutions. Assets under management and administration by Manulife and its subsidiaries were over $1 trillion (US$806 billion) as of September 30, 2017. Manulife Financial Corporation trades as MFC on the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be found at manulife.com.
One of the largest life insurers in the United States, John Hancock supports approximately 10 million Americans with a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, and college savings plans. We also offer advice through Signator, a network of independent financial advisors. Additional information about John Hancock may be found at johnhancock.com.
About 38 Degrees North: 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 successful renewable energy project financings across a variety of asset classes. For more information, please visit: www.38degreesn.com.
About Tax Equity Advisors: 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. For more information, please visit: www.taxequityadvisors.com.