Marks one of the largest operating community solar acquisitions
Summit, NJ /PRNewswire/ - Nautilus Solar Energy, LLC ("Nautilus"), a foremost owner-operator of solar projects throughout the United States, announced the acquisition of twenty-one, fully-operational solar projects in New York and Maryland totaling almost ~60 MWdc of solar capacity. This transaction is one of the largest acquisitions of an operating community solar portfolio to date. Sixteen projects in New York and five in Maryland currently provide community solar power to 9,500 households and two school districts through a Power Purchase Agreement (PPA). Nautilus's Asset Management division will be responsible for the project management, long-term asset management, and maintenance for the life of the projects.
"This operating portfolio acquisition is a true milestone transaction for Nautilus and is a cornerstone to our core strategy of acquiring, developing, financing, owning, and managing solar assets throughout the US, with a focus on community solar markets," said Jeffrey Cheng, President of Nautilus. "We are grateful to our parent company, Power Sustainable, for supporting our initiatives to achieve ever greater scale in the North American marketplace and providing the competitive capital to help accelerate our growth. We look forward to continuing to further our M&A efforts by acquiring additional portfolios over the next 12-18 months," added Nick Addivinola, Executive Director, M&A of Nautilus.
This announcement closely follows Nautilus's acquisition of seven fully operational solar projects in Massachusetts totaling 5.2 MWdc of solar capacity in Q2 2021. The projects, located in Barnstable, Duxbury, Hadley, Mashpee, Mattacheese, Westminster, and Wixon, are under the Massachusetts Solar Renewable Energy Certificate (SREC) I program.
About Nautilus Solar Energy, LLC
Nautilus Solar Energy, LLC is a leading owner-operator of solar projects serving the community solar market and corporate customers throughout the United States. A pioneer in solar energy since 2006, Nautilus is committed to creating a clean, sustainable future by offering an equitable and affordable renewable energy choice. Through its Community Solar initiative, Nautilus is making solar energy available to a broader marketplace, including low to middle income (LMI) households and unrated businesses that wish to reduce their carbon footprint and utility bills.
Nautilus is wholly owned by Power Sustainable, a global multi-platform alternative asset manager with a long-term investment approach focused on sustainable strategies. Nautilus owns solar projects throughout their entire lifecycle enabling Nautilus, along with entrusted local partners, to fulfill its promise of creating a better world by powering communities with clean energy for the long term.
For more information on Nautilus Solar Energy visit https://nautilussolar.com/. Join Nautilus on LinkedIn, Facebook and Twitter and/or visit www.nautilussolar.com for more information.