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, 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.
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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
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.
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— Solar Builder magazine
Kilroy Realty Corp., a West Coast REIT, and Nautilus Solar Energy LLC, a national solar project development and asset management company, are breaking ground on a portfolio of commercial solar developments spread across 9 of Kilroy’s class A office properties located between Southern and Northern California. The decision to develop solar projects for each property leverages the respective strengths of each party and extends their common vision towards building a sustainable future.
The commercial solar developments, which will total 5.2 MW DC when complete, will consist of solar carport and rooftop applications located at Kilroy’s commercial office properties in San Diego, San Francisco, Menlo Park and Long Beach, California. The sites will begin construction in Q2 2017 with most of the sites reaching final completion during 2017 and a final rooftop site on a newly constructed building expecting to reach final completion by early 2018.
“We chose to work with Nautilus Solar because of their exceptional track record of successfully developing and financing complex commercial solar developments in the U.S.” said Sara Neff, Senior Vice President of sustainability at KRC. “This solar portfolio will complement our longstanding commitment to reducing energy consumption throughout our buildings.”
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“This initial development represents both organizations’ continued devotion to making a real difference towards deploying renewable energy,” said Jim Rice, CEO and co-founder of Nautilus Solar Energy. “We’re very pleased to provide a solution for KRC that allows them to achieve their sustainability goals in an economic manner and look forward to expanding our relationship,” added Jeffrey Cheng, COO of Nautilus.
Founded in 2006, Nautilus Solar Energy, headquartered in Summit, N.J., focuses on acquiring, developing, executing and managing distributed and utility-scale generation solar projects throughout North America. Over its 10 year history, Nautilus has invested in over 125 MW of solar projects located throughout the United States and Canada.
— Solar Builder magazine
Nautilus Solar Energy, a national solar project development and asset management company, acquired a 7.4 MW ground-mounted solar project located in Massachusetts from Seaboard Solar Holdings LLC. Nautilus has been working with Seaboard through the solar development and acquisition of the project and will now oversee the final development and construction.
The project will be owned by Virgo Helios LLC, an affiliate of Virgo Investment Group, which is also a minority shareholder of Nautilus. Nautilus, through its full service platform, will provide asset management services once the project is placed in service. The project’s power offtake agreement benefits low-income housing authorities, who have signed up to receive the project’s net metering credits.
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Nautilus expansion notes
The acquisition comes as part of Nautilus’s robust expansion strategy into the New England marketplace. Founded in 2006, Nautilus Solar Energy focuses on developing, acquiring, executing and managing distributed and utility-scale generation solar projects throughout North America. Over its 10 year history, Nautilus has invested in over 125 MW of solar projects located in the United States and Canada.
“We are very excited to announce this acquisition, as this development is one of the largest virtual net metering solar developments in Massachusetts and adds high-quality assets to our growing portfolio with Virgo,” said Jim Rice, CEO of Nautilus Solar. “Going forward, we continue to seek new opportunities in the region to further leverage our platform.”
“Nautilus has quickly been gaining traction throughout New England,” remarked Shawn Brazo, President of Seaboard Solar Holdings. “Through this complex acquisition process, we’ve seen that the Nautilus team is capable of delivering outstanding results in an expedited manner and we look forward to continue working with their team on other solar developments.”
— Solar Builder magazine