Solar and storage developer 38 Degrees North has launched a process with KeyBank Capital Markets to sell an operating distributed generation (DG) portfolio in Massachusetts and California, according to three sources familiar with the situation.

The Sausalito, California-based developer and operator focused on distributed generation and community solar projects is listed on the marketing materials, the sources said. However, John Hancock and Manulife own the portfolio and 38 Degrees North’s management team helped aggregate the portfolio, according to a fourth source.

The process launched in the last two weeks under the codename “Project Perseus,” according to three sources.

The portfolio comprises roughly 35 MW of solar across approximately 20 solar projects in central Massachusetts and Southern California, according to two of the sources. It also includes roughly 8.5 MWh of battery storage in Southern California.

The projects began operating between 2017 and 2018, those sources said.

Founded in 2015, 38 Degrees North last July received a growth equity investment from Climate Adaptive Infrastructure (CAI) and Kimmeridge Energy Management Company. That brought total growth capital raised to upwards of USD 230m, according to an announcement made at the time. The developer previously closed a growth equity investment from S2G Investments in late 2023.

In 2H16, 38 Degrees North closed on an acquisition of 31 MW of Massachusetts community solar projects, according to the firm’s website. The company also established an equity partnership with John Hancock Life Insurance that year. Those projects were completed in late 2017, according to a press release at the time.

In 2019, the 38 Degrees North and John Hancock Infrastructure Fund acquired a set of four battery and solar facilities in California.

John Hancock Investment Management is a company of Manulife Investment Management.

38 Degrees North and KeyBanc declined to comment. Manulife and John Hancock did not respond to requests for comment.