Nautilus Solar acquires N.Y. solar portfolio

By Eric Strauss
Summit | Nov 7, 2019 at 10:01 am

Summit-based Nautilus Solar Energy LLC has acquired a New York community solar project from Borrego Solar Systems, it announced Thursday.

The owner/operator of community solar systems said in a news release that the 17.2 megawatt portfolio is being developed by Borrego, a creator of solar and other energy storage projects.

“It has been a pleasure to forge this relationship with Borrego Solar,” Jim Rice, Nautilus’ CEO, said in a prepared statement. “We have been impressed with the level of expertise and professionalism they’ve demonstrated throughout the acquisition process.”

The portfolio includes three projects in Monroe and Saratoga counties and power approximately 1,500 homes. Construction will be completed in the third quarter of 2020.

“We’re particularly excited that this project propels Nautilus’ community solar expansion into New York, and marks part of the first wave of portfolio acquisitions since being acquired by Power Energy Corp.,” Jeffrey Cheng, Nautilus’ president, said in a statement.

Borrego will design, engineer, construct and maintain the systems, while Nautilus, a unit of Power Energy Corp., will oversee project management as the portfolio’s long-term owner and operator.

Eric Strauss | estrauss@roi-nj.com | acerimrat