Nautilus Solar Energy has acquired a 6.34 MWdc community solar project located in Norwich, New York from Canadian renewable energy developer, Saturn Power. The project is expected to be completed in the second quarter of 2021 and will provide a clean energy choice to 775 NYSEG utility territory households while advancing New York’s renewable energy goals.
The community solar project directly supports New York’s Climate Leadership and Community Protection Act which mandates the state to obtain 70 percent of its electricity from renewable sources by 2030, and that the electric sector be emissions-free by 2040. When fully operational the project is expected to generate approximately 9 million kWhs annually. That is the environmental equivalent of planting over 105,645 trees or taking over 1,390 cars off the road for the year, curbing greenhouse gas emissions and slowing harmful effect of climate change, according to the EPA’s greenhouse gas equivalencies calculator.
In addition to environmental benefits, community solar has a positive impact economic development. The project will employ up to 50 local construction and installation workers on the project at any given time, and will provide ongoing, economic benefits to the community over the 35-year life of the project.
“This community solar development will provide great benefit to the local community in addition to further contributing to New York State’s ambitious renewable energy targets and Saturn Power is proud of our team for their efforts in originating and developing this important solar project.” said Doug Wagner, CEO for Saturn Power. “When looking to transition this project to a local owner and operator, we pursued an organization with common values and a vision for renewable development that was consistent with Saturn Power’s, and we are delighted that Nautilus will be seeing this project through to commercial operation and beyond.”
This is the first transaction between Nautilus and Saturn Power. As the landowner, Nautilus has a long-term commitment to the projects, including being responsible for the project management, asset management, maintenance services, and for acquiring and managing customer subscriptions.
“This acquisition extends Nautilus’s vision towards a sustainable future by providing equitable, affordable access to community solar for all New Yorkers,” said Jim Rice, co-Founder and co-CEO of Nautilus Solar. “This acquisition exemplifies Nautilus’s commitment to working closely with our early-stage development partners and furthers our overall goal of becoming a leading acquirer of community solar portfolios across the country,” added Jeffrey Cheng, President of Nautilus Solar.