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MetLife and John Hancock Finance 19-Megawatt Solar Power Plant

MetLife and John Hancock Financial Services will finance the construction and third-party ownership of a 19-megawatt (MW) solar photovoltaic power plant that SunPower Corporation is contracted to build for Xcel Energy in Colorado's Alamosa County, the companies announced today.

Construction on the plant, which will be the largest solar power plant in Colorado, will begin this spring, with operations expected to commence before the end of the year. Approximately 100 jobs will be created during construction. CP Energy Group served as an advisor to MetLife on the transaction.

"John Hancock is delighted to continue our work financing large scale solar power in the U.S. with this major project that brings together such first class partners," said John Anderson, senior managing director and head of John Hancock's Power and Infrastructure Group. "The project finance teams at John Hancock and our parent company, Manulife Financial, have a portfolio of renewable energy financings that includes more than $2 billion of projects in the U.S. and Canada. We look forward to the successful completion of the solar power plant in Alamosa later this year."

The plant will use SunPower T20 Tracker systems, which tilt toward the sun as it moves across the sky, increasing energy capture and providing more power on hot summer days when utilities need it.

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