Nautilus Solar Energy Acquires 3 MW Community Solar Portfolio In Rhode Island
Nautilus Solar Energy, LLC ("Nautilus"), a leading national solar project acquisition, development and asset management company, announced the acquisition of a 3 MW community solar development from ISM Solar Development, LLC ("ISM Solar"), a developer of large commercial and utility-scale solar projects. The project is qualified under Rhode Island's emerging community solar program. Construction is targeted for completion during the first half of 2019.
Nautilus will be responsible for the project management, customer subscription, and long-term asset management and maintenance services for this project. The project will be owned by an affiliate of Virgo Investment Group, which is also a minority shareholder of Nautilus. The energy generated by the projects will directly benefit qualified residential off-takers situated within National Grid's service territory by providing energy cost savings while also advancing Rhode Island's overall renewable energy goals.
"We're proud that this project will be one of the first community solar projects in Rhode Island. We're particularly pleased that the site requires minimal tree clearing, avoids wetland areas, and is generally not visible from roads or homes," said Greg Lucini, CEO of ISM Solar. "The Nautilus team was great to work with and adapted quickly to our development requirements," he added.
"We are impressed with ISM's responsible solar development standards and the portfolio of low impact, well sited projects they have under development." said Jim Rice, CEO of Nautilus. "We're particularly excited that this project propels Nautilus's community solar expansion into Rhode Island, our fifth market entry over the last year" added Jeffrey Cheng, COO of Nautilus.