Nautilus Solar announces acquisition of 13.5 MW community solar portfolio
Nautilus Solar Energy, LLC has announced the acquisition of an approximately 13.5 MWdc community solar portfolio from Clean Energy Collective (CEC). The 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. Both US states are located in the north-east of the country.
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 multi-site portfolio directly benefits subscribers by providing energy bill savings while also advancing their renewable energy goals.
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