Nautilus Solar Energy has acquired a 13.5MW community solar portfolio from Clean Energy Collective (CEC), a developer of community solar solutions, for an undisclosed price.
This community solar 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. 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 multisite portfolio directly benefits subscribers by providing energy bill savings while also advancing their renewable energy goals.
Most importantly, the subscriber experience will benefit from Nautilus’s expertise in community solar acquisition and asset management, combined with CEC’s ability to deliver quality customer service along with real-time production and savings information.
Nautilus Solar CEO Jim Rice said: “This transaction furthers Nautilus/Virgo’s commitment to be a leading owner/operator of community solar assets.”
Nautilus Solar COO Jeffrey Cheng said: “In addition to furthering our goal of deploying early-stage development capital for our partners, this transaction marks our entry into New York’s rapidly expanding community solar marketplace.”
CEC renewables president Tom Sweeney said: “Bringing these projects to a successful completion allowed us to expand our reach with community solar, providing more customers in Massachusetts and New York – in addition to the other 15 states we’re currently operating in – the opportunity to support the generation of local, affordable, clean energy and to save money while doing so.”
Source: Company Press Release