Nautilus Solar acquires Minn. community energy portfolio

Solar panel

Summit-based solar energy development and asset management company Nautilus Solar Energy LLC has acquired a solar portfolio developed by ReneSola Ltd., a global solar project developer and provider.

The portfolio of 13.3 MW is under development in Minnesota, expected to come online during the first quarter of 2019. The deal represents the second acquisition Nautilus has made from ReneSola.

“This deal exemplifies Nautilus’ commitment to working closely with our partners and becoming a leading acquirer of community solar portfolios,” Nautilus CEO Jim Rice said in a prepared statement.

The projects will be owned by Virgo Investment Group, a minority shareholder in Nautilus, and Nautilus will provide long-term asset management and maintenance services.

“We appreciate that ReneSola trusted Nautilus to both provide them with early-stage development capital and to execute the community solar acquisition,” Jeffrey Cheng, Nautilus chief operating officer, said in a statement. “We look forward to continuing to work closely with ReneSola’s development team.”

Financial terms were not disclosed.