Nautilus Solar Announces The Acquisition Of A 13.5MW Massachusetts & New York Community Solar Portfolio
UMMIT, N.J., Aug. 28, 2018 /PRNewswire/ -- Nautilus Solar Energy, LLC ("Nautilus"), a leading national solar project development, acquisition and asset management company, today announced the acquisition of 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.
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.
"This transaction furthers Nautilus/Virgo's commitment to be a leading owner/operator of community solar assets," said Jim Rice, CEO of Nautilus Solar. "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.
"Bringing these projects to a successful completion allowed us to expand our reach with community solar, providing more customers in Massachusetts and New York – in addition to the other 15 states we're currently operating in – the opportunity to support the generation of local, affordable, clean energy and to save money while doing so," said Tom Sweeney, CEC President of Renewables.
About Nautilus Solar Energy, LLC:
Founded in 2006, Nautilus Solar Energy, headquartered in Summit, N.J., is a leading national solar development, acquisition, and asset management company. Nautilus focuses on developing, acquiring, executing and managing distributed and utility-scale generation solar projects. Over its 11+ year history, Nautilus has invested in and asset manages hundreds of MWs of solar projects located throughout North America. Nautilus is minority owned by Virgo Investment Group, LLC. Join Nautilus on LinkedIn and Twitter and visit www.nautilussolar.com for more information.
About Clean Energy Collective:
Clean Energy Collective (CEC) is the nation's leading developer of community solar solutions. CEC pioneered the model of delivering clean power-generation through medium-scale solar PV facilities accessible to all utility customers. Since establishing the country's first community-owned solar array near El Jebel, Colorado in 2010, CEC has built or has under development more than 175 RooflessSolar™ projects with 33 utility partners across 17 states, serving thousands of customers, and representing more than 400 MW of community solar capacity. CEC is also the leading provider of community solar software and services to the utility, development and financial industries through its Community Solar Platform™. Visit www.cleanenergyco.com for more information, or join us on Facebook, Twitter, and LinkedIn.