Nautilus Solar acquires 47 MW of community solar portfolio in Maine

Nautilus Solar

Nautilus Solar energy, leading owner and operator of solar energy assets, announced today the acquisition of a community solar energy portfolio in Maine, with a total capacity of 47,2 megawatts.

Firstly, Nautilus Solar acquired the portfolio from ISM Solar Development, a solar developer of utility-scale projects.

Secondly, the portfolio includes eight community solar projects, located in Cumberland, Knox, Oxford and York counties. The projects will start construction around the third quarter of 2021. Once completed, they will provide with clean energy for almost 10,000 households within the Central Maine Power (CMP) territory.

In fact, these projects are part of Maine’s Net energy Billing Program, amended in 2019 by Governor Mills. The program intends to bring renewable energy benefits, and reduced costs to the state’s population.

In addition, the projects, once operational, will generate nearly 70 million kilowatt hours of clean energy every year. This input will contribute to the state’s goal of relying on 80% clean energy by 2030, and a 100% by 2050.

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Nautilus Solar to help Maine in achieving clean energy goals

Moreover, Jim Rice, Nautilus Solar CEO, said. “This deal exemplifies Nautilus’s commitment to working closely with our early-stage development partners and to become a leading acquirer of solar portfolios across the country.”

On the other hand, Greg Lucini, ISM Solar CEO, added. “My family has lived on Thompson Lake for over 25 years and we have an office in Poland.  With local ties and a vested interest in Maine, we’re particularly proud to play a role in bringing community solar to our neighbors.”

According to the company’s statement, community solar projects are the fastest growing sectors of Maine’s clean energy industry. One of the main benefits of it is that customers don’t need rooftop panels to be involved in the project. “Anyone who pays an electric bill can subscribe to a solar project in their area; also, helping to build stronger communities, fight climate change, and save on their electricity bill.”

Finally, the solar projects of Nautilus Solar will help to provide economy support to the state; also, thousands of construction jobs; and also, an environmental benefit equivalent of taking off the roads 10,000 cars each year.

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