AMS Announces Solar and Storage Partnership with 38 Degrees North and John Hancock
May 15, 2019 -- AMS, an energy management services company with projects across the United States, recently (5/14) 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 Management, and John Hancock Life Insurance Company, 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.'
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