Manulife Financial’s global wealth and asset management business, Manulife Investment Management, has announced an approximately $670 million (US$500 million) investment in diversified clean energy company CleanCapital. Proceeds will be used to finance early-stage solar and storage development and to acquire renewable energy assets across the United States.

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.