Despite ongoing macro uncertainties, Nautilus Solar Energy and ReneSola Power successfully completed a deal for a 10.4-MW community solar portfolio in Minnesota. ReneSola Power is the developer. Like previous acquisitions, including the 21-MW purchase in 2019 and the two-13.3 MW acquisitions announced in 2017 and 2018, this portfolio also qualified under Xcel Energy’s community solar program in Minnesota.
“With this acquisition, we are able to significantly expand our subscriber presence in the Minnesota community solar marketplace to service smaller commercial and even residential customers,” said Jim Rice, Co-CEO of Nautilus Solar. “This successful transaction, being the fourth deal consummated with the ReneSola team over the last 3 years, further exemplifies Nautilus’s long-term commitment to working closely with our development partners,” added Jeffrey Cheng, President of Nautilus Solar.
The portfolio is comprised of eight single axis tracker solar installations, each commonly referred to as a solar garden. The projects are located in counties across the southern half of Minnesota, and are designed to produce enough energy to power over 1,450 homes. The portfolio is expected to come online by the fourth quarter of 2020.
Nautilus will be responsible for the project management, long-term asset and subscriber management and maintenance services for this portfolio. In addition to having developed the projects, ReneSola Power will be responsible for securing the subscribers. The energy generated by the projects will directly benefit qualified commercial and residential off-takers situated within Xcel Energy’s service territory by providing energy cost savings while also advancing Minnesota’s 10 percent solar energy goal by 2030.
“Community solar remains an attractive market for us in the U.S., and we look forward to collaborating with Nautilus on other solar opportunities in the near future,” commented Yumin Liu, Chief Executive Officer of ReneSola Power.
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