Summit-based Nautilus Solar Energy LLC, a solar project development, acquisition and asset management company, announced it has acquired a community solar portfolio from Clean Energy Collective, a developer of community solar solutions.
“This transaction furthers Nautilus/Virgo’s commitment to be a leading owner/operator of community solar assets,” said Jim Rice, CEO of Nautilus Solar. “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,” Jeffrey Cheng, chief operating officer of Nautilus Solar, said.
The 13.5 MWdc community solar portfolio is made up of projects in Massachusetts and New York. The projects are expected to be online by the end of the year.
CEC provided customer acquisition, project development and construction management services. Nautilus provided early-stage development capital and will be responsible for asset management services and maintenance for the project.
The project is owned by an affiliate of the Virgo Investment Group, which is also a minority shareholder of Nautilus.
“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,” Tom Sweeney, CEC president of renewables, said.