Power

Nautilus Solar acquires fully operational 60MW solar portfolio

Nautilus Solar

Nautilus solar, a leader owner-operator of solar projects throughout the United States, announced this Wednesday the acquisition of 21, fully operational solar projects in New York and Maryland.

Firstly, the total capacity of the portfolio goes up to 60 megawatts. The transaction is one of the largest acquisitions of an operating community solar portfolio to date.

Secondly, the acquired projects are located, 16 of them in New York, and the reminder in Maryland; the projects currently provide community solar power to 9,500 households and two school districts through a Power Purchase Agreement.

Thirdly, Nautilus’s Asset Management division will be responsible for the project management; also, the long-term asset management, and maintenance for the life of the projects.

Moreover, this is not the first acquisition of fully operational solar projects; in fact, today’s announcement follows Nautilus’s acquisition of seven fully operational solar projects in Massachusetts; totaling 5.2 MWdc of solar capacity in Q2 2021.

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Nautilus, true pioneer of solar energy

In addition, those projects locate in Barnstable, Duxbury, Hadley, Mashpee, Mattacheese, Westminster, and Wixon. They are under the Massachusetts Solar Renewable Energy Certificate (SREC) I program.

On the other hand, about the relevance of the acquisition, Jeffrey Cheng, President of Nautilus, said. “This operating portfolio acquisition is a true milestone transaction for Nautilus; and is also 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.”

He also remarked. “We are grateful to our parent company, Power Sustainable, for supporting our initiatives to achieve ever greater scale in the North American marketplace; and also 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.”

Finally, Nautilus solar has been a true pioneer of solar energy, developing projects since 2006. The company is indeed committed to creating a clean, sustainable future by offering an equitable and affordable renewable energy choice.

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