Nautilus Solar Energy LLC, an owner/operator of solar projects based in Summit, announced it has acquired a 10.4 MW community solar portfolio from ReneSola Power, a solar project developer and provider of energy products.
“We are excited to be working with the Nautilus team. This transaction once again demonstrates the project development expertise of our team in Minneapolis,” John Ewen, CEO of ReneSola Power North America.
The portfolio is comprised of eight “solar gardens” located in counties across the southern half of Minnesota. The gardens were designed to produce energy for more than 1,450 homes and its subscriber base will benefit from more than $1.8 million in electricity savings over the lifecycle of the project. The sites are slated to operate by the first quarter of 2021.
“Despite ongoing macro uncertainties, both Nautilus and ReneSola teams successfully completed the transaction. Community solar remains an attractive market for us in the U.S., and we look forward to collaborating with Nautilus on other solar opportunities in the near future,” Yumin Liu, CEO of ReneSola Power, said.
Under the deal, Nautilus will be responsible for managing the projects, its subscribers and services. In addition to developing the projects, ReneSola will be tasked with securing subscribers.
“With this acquisition, we are able to significantly expand our subscriber presence in the Minnesota community solar marketplace to service smaller commercial and even residential customers,” Jim Rice, co-CEO of Nautilus Solar, said. “This successful transaction, being the fourth deal consummated with the ReneSola team over the last 3 years, further exemplifies Nautilus’s long-term commitment to working closely with our development partners,” added Jeffrey Cheng, President of Nautilus Solar.
Financial terms were not disclosed.