AMS Announces Solar and Storage Partnership with 38 Degrees North and John Hancock
SAN FRANCISCO, May 13, 2019 /PRNewswire/ -- AMS, an energy management services company with projects across the United States, today announced the establishment of a solar and storage energy partnership with 38 Degrees North, and John Hancock and its affiliates. 38 Degrees North, alongside John Hancock Infrastructure Fund ("JHIF"), a private equity fund with approximately $2 billion of committed capital and part of Manulife Investment Management1, and John Hancock Life Insurance Company (U.S.A.) (collectively, "John Hancock"), a division of Manulife Financial Corporation have acquired an initial set of four battery and solar facilities in California with rights to additional projects in 2019 and 2020. The parties designed the partnership to efficiently capitalize AMS's utility bill savings contract.
AMS's unique financial performance contract seeks to address customer concerns with traditional solar PPAs by providing a higher degree of certainty that savings will be delivered for the customer. AMS's AI software platform continuously optimizes solar systems, batteries, and retail energy rates to actively respond to evolving energy market conditions and achieve the lowest energy costs over the life of the system.
"We are very proud to launch this innovative partnership with 38 Degrees North and John Hancock," said Susan Kennedy, CEO of AMS. "In an era of falling solar and energy storage prices and constantly changing regulations, our collaboration offers customers an avenue to access clean energy without sacrificing flexibility or lower costs. John Hancock's commitment to investing in new energy technologies, showcases the growing capital flowing into clean, distributed energy, which ultimately pushes the whole renewable energy industry forward," she continued.
"AMS stands out as a pioneer, designing successful, innovative clean energy solutions, and we are pleased to provide creative financing to accelerate the growth of this exciting company," said Ryan Bennett, Managing Partner at 38 Degrees North. "This financing also expands our partnership with John Hancock, which has been growing since 2016."
"John Hancock is pleased to partner with 38 Degrees North and AMS on this exciting project," said Scott Kushner, Managing Director at John Hancock. "We look forward to seeing this relationship grow."
About AMS | AMS is a SaaS company with an A.I. software platform that uses deep learning algorithms to enable optimized dispatching and trading of complex energy assets in energy markets. AMS's business is powered by its industry-leading transactive energy management platform, which AMS and its partners utilize to offer compelling and innovative energy management services to customers, utilities, asset owners, and operators. To learn more, visit www.advmicrogrid.com and follow us on twitter: @advmicrogrid.
About 38 Degrees North | 38 Degrees North is an investment manager specializing in contracted renewable energy infrastructure with a primary focus on solar energy and battery storage. 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 Manulife
Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2018, we had more than 34,000 employees, over 82,000 agents, and thousands of distribution partners, serving almost 28 million customers. As of March 31, 2019, we had over $1.1 trillion (US$849 billion) in assets under management and administration, and in the previous 12 months we made $29.4 billion in payments to our customers. Our principal operations in Asia, Canada and the United States are where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.
1 Manulife Investment Management is the global wealth and asset management segment of Manulife Financial Corporation. Manulife Investment Management's Private Markets platform offers long term solutions across private equity and private credit, real estate equity and debt, infrastructure equity, timberland and farmland.
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