Nautilus Solar Energy has acquired twenty-one, fully-operational solar projects in New York and Maryland which total almost 60 MWdc of solar capacity. The transaction is one of the largest acquisitions of an operating community solar portfolio to date. Sixteen projects in New York and five in Maryland currently provide community solar power to 9,500 households and two school districts through a PPA. Nautilus’s Asset Management division will be responsible for the project management, long-term asset management, and maintenance for the life of the projects.
“This operating portfolio acquisition is a true milestone transaction for Nautilus and is a cornerstone to our core strategy of acquiring, developing, financing, owning, and managing solar assets throughout the US, with a focus on community solar markets,” said Jeffrey Cheng, President of Nautilus. “We are grateful to our parent company, Power Sustainable, for supporting our initiatives to achieve ever greater scale in the North American marketplace and providing the competitive capital to help accelerate our growth. We look forward to continuing to further our M&A efforts by acquiring additional portfolios over the next 12-18 months,” added Nick Addivinola, Executive Director, M&A of Nautilus.
This announcement closely follows Nautilus’s acquisition of seven fully operational solar projects in Massachusetts totaling 5.2 MWdc of solar capacity in Q2 2021. The projects, located in Barnstable, Duxbury, Hadley, Mashpee, Mattacheese, Westminster, and Wixon, are under the Massachusetts Solar Renewable Energy Certificate program.