Nautilus Solar Energy, a national solar project development and asset management company, acquired a 7.4 MW ground-mounted solar project located in Massachusetts from Seaboard Solar Holdings LLC. Nautilus has been working with Seaboard through the solar development and acquisition of the project and will now oversee the final development and construction.
The project will be owned by Virgo Helios LLC, an affiliate of Virgo Investment Group, which is also a minority shareholder of Nautilus. Nautilus, through its full service platform, will provide asset management services once the project is placed in service. The project’s power offtake agreement benefits low-income housing authorities, who have signed up to receive the project’s net metering credits.
The acquisition comes as part of Nautilus’s robust expansion strategy into the New England marketplace. Founded in 2006, Nautilus Solar Energy focuses on developing, acquiring, executing and managing distributed and utility-scale generation solar projects throughout North America. Over its 10 year history, Nautilus has invested in over 125 MW of solar projects located in the United States and Canada.
“We are very excited to announce this acquisition, as this development is one of the largest virtual net metering solar developments in Massachusetts and adds high-quality assets to our growing portfolio with Virgo,” said Jim Rice, CEO of Nautilus Solar. “Going forward, we continue to seek new opportunities in the region to further leverage our platform.”
“Nautilus has quickly been gaining traction throughout New England,” remarked Shawn Brazo, President of Seaboard Solar Holdings. “Through this complex acquisition process, we’ve seen that the Nautilus team is capable of delivering outstanding results in an expedited manner and we look forward to continue working with their team on other solar developments.”
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