Nautilus Solar acquires community solar portfolio from Power52 Energy Solutions

Nautilus Solar

Nautilus Solar Energy, a national solar project acquisition, development and asset management company, acquired a 9 MW community solar development portfolio from Power52 Energy Solutions, a regional developer of renewable energy projects. This portfolio is comprised of four separate projects located outside of Baltimore. Each project is qualified under Maryland’s community solar pilot program and are in the Baltimore Gas & Electric service territory. The portfolio is expected to be constructed and energized in 2019.

Utilizing its full-service platform, Nautilus will be responsible for the project management, long-term asset management and maintenance services for these projects. The projects will be owned by an affiliate of Virgo Investment Group, which is also a minority shareholder of Nautilus Solar Energy.

The energy generated by the projects will directly benefit qualified residential off-takers, including low and moderate income (LMI) subscribers, who are situated within BGE’s service territory. The energy generated through these solar projects will provide local residents with energy cost savings while also advancing Maryland’s overall renewable energy goals. Trainees from the Power52 Energy Institute’s 11-week solar training program will complete their “On the Job Training” as part of the construction of the portfolio along with graduates that are currently employed by Power52 Energy Solutions.

“This community solar portfolio is a testament of the multi-faceted benefits that sustainable energy can bring into Low to Moderate Income Communities that we serve. The Nautilus team understood this philosophy and we are pleased to have worked with them on this transaction,” said Rob Wallace, CEO of Power52 Energy Solutions. “We’re especially excited about the job creation opportunities that the construction of this multi-site portfolio will provide for our Power52 Energy Institute graduates.”

— Solar Builder magazine

Nautilus Solar acquires community solar portfolio from Clean Energy Collective

Nautilus Solar

Nautilus Solar Energy LLC, has acquired a 13.5 MWdc community solar portfolio from Clean Energy Collective (CEC), the nation’s leading developer of community solar solutions.

This community solar portfolio is made up of projects in Massachusetts, where the offtake is with qualified commercial subscribers, and New York, where the offtake is with 100% qualified residential subscribers. The projects have begun construction, with some projects near completion, and all of the projects are expected to be online by the end of 2018.

“In addition to furthering our goal of deploying early-stage development capital for our partners, this transaction marks our entry into New York’s rapidly expanding community solar marketplace,” added Jeffrey Cheng, COO of Nautilus Solar.

RELATED: Crowd Sourced: Details on a plan for drastic cost reductions, wide deployment of community-scale solar

Similar to previous transactions between the companies, CEC provided customer acquisition, project development and construction management services. Nautilus, through its full-service platform, provided early-stage development capital and will be responsible for long-term asset management services and maintenance for the project. The projects will be owned by an affiliate of the Virgo Investment Group, which is also a minority shareholder of Nautilus.

The energy generated by the multisite portfolio directly benefits subscribers by providing energy bill savings while also advancing their renewable energy goals. Most importantly, the subscriber experience will benefit from Nautilus’s expertise in community solar acquisition and asset management, combined with CEC’s ability to deliver quality customer service along with real-time production and savings information.

— Solar Builder magazine

Nautilus Solar debuting 13-MW of community solar in Minnesota

Nautilus Solar

Nautilus Solar Energy LLC will be cutting the ribbon on a portfolio of 13.3-MW of community solar projects in, surprise: Minnesota, a leading state for community solar. The solar projects are part of Xcel Energy’s Solar*Rewards Community Program and are 100 percent subscribed by a diverse set of regional customers including five municipalities, two leading research/medical facilities and a local university.

The two community-based solar gardens, located in Rice and Le Sueur Counties, consist of fixed-tilt, ground mount applications. Construction began on both gardens in Q4 2017 and reached commercial operation during Q1 2018. The gardens were acquired by Nautilus from Renesola Ltd. in 2017. A local Roseville, Minn-based solar engineering and construction firm, IPS Solar, provided the installation services for the gardens.

“This community solar milestone extends Nautilus’s vision towards extending a sustainable future for those customers that aren’t able to have large scale solar facilities directly on-premise,” said Jim Rice, CEO of Nautilus Solar Energy, LLC.

“We’re very pleased that our teams completed the acquisition and construction of these projects in a timely manner and are especially appreciative of the hard work that our local permitting, engineering, and installation partners provided to ensure the overall success of these developments,” added Jeffrey Cheng, COO of Nautilus Solar Energy, LLC.

— Solar Builder magazine

Nautilus Solar Energy adds 5.4-MW community solar project to portfolio

Nautilus Solar

Nautilus Solar Energy, a national solar project development, acquisition and asset management company, acquired a 5.4 MW community solar portfolio from Clean Energy Collective (CEC). The fully-constructed and subscribed community solar portfolio is in the rapidly expanding Massachusetts community solar market and is expected to be online by the end of 2017.

Leading up to the acquisition, CEC provided customer acquisition, project development and construction management services. Nautilus, through its full-service platform, provided development capital and will be responsible for long-term asset management services and maintenance for the project. CEC will continue to deliver ongoing customer care and billing related services. The project will be owned by an affiliate of the Virgo Investment Group, which is also a minority shareholder of Nautilus.

New tool launches in Illinois to open community solar market

Subscribers will now have access to the best of both worlds in community solar experience – Nautilus’ expertise in Massachusetts community solar asset management, operations and maintenance, combined with CEC’s ability to deliver a seamless customer experience via CEC’s proprietary Community Solar Platform (CSP). The energy that will be provided by the multi-site portfolio directly benefits more than 110 local, off-site commercial subscribers by lowering overall energy costs while also advancing their renewable energy and sustainability goals.

“This transaction continues the Nautilus/Virgo goal of owning of community solar developments in marketplaces where community solar benefits the local economy,” said Jim Rice, CEO of Nautilus Solar. “This acquisition also demonstrates Nautilus’ appetite to offer flexible solutions to developers of later stage projects. We look forward to working with CEC on future transactions,” added Jeffrey Cheng, COO of Nautilus Solar.

“Bringing these projects to a successful completion allowed us to continue broadening community solar access in Massachusetts and give more customers the opportunity to support local, affordable, clean energy when there wasn’t access before,” said Tom Sweeney, CEC President of Renewables. “Community solar transactions can be complex, but the Nautilus team made the ownership transition process simple. Looking ahead, we are excited to apply our combined community solar program management expertise to these and other projects.”

— Solar Builder magazine

Nautilus Solar acquires Minnesota community solar portfolio from ReneSola

renesola community solar

ReneSola Ltd  and Nautilus Solar Energy sent word that Nautilus acquired an approximately 13.3 MW community solar portfolio previously developed by ReneSola. The community solar portfolio, qualified under Xcel Energy’s burgeoning community solar program, is located in the rapidly expanding Minnesota solar marketplace. The portfolio is expected to be built through the remainder of 2017, coming online during Q1 2018.

Now that Nautilus has finalized the transaction with ReneSola, the projects will be owned by an affiliate of Virgo Investment Group, which is also a minority shareholder of Nautilus Solar Energy. Nautilus, through its full-service platform, will provide development and long-term asset management services for the project. The energy provided by the portfolio directly benefits local community off-takers located offsite by lowering overall energy procurement costs while advancing renewable energy targets.

“This deal continues the exciting growth strategy that we announced last year and expands our focus and capabilities to include community solar developments,” said Jim Rice, CEO of Nautilus Solar. The acquisition also comes as part of Nautilus’s expansion strategy into newer solar markets located throughout the U.S. “This transaction exemplifies how Nautilus is able to work closely together with experienced developers to provide superior results and in a timely fashion. We are excited to be continuing to work with ReneSola’s development team,” added Jeffrey Cheng, COO of Nautilus Solar.

New York makes interconnection policy changes to boost community solar

— Solar Builder magazine