Summit-based Nautilus Solar Energy recently said it completed the issuance of $202 million in senior secured notes to institutional investors in a private placement transaction.
This milestone financing is the first transaction to secure an investment-grade rating for a 186-megawatt portfolio comprised mainly of community solar assets and diversified across 58 projects operating in seven states. The aggregate portfolio provides renewable energy to more than 17,000 residential and commercial subscribers.
“With the successful closing of this private placement transaction, we are even more well-positioned to continue to grow our community solar business throughout the country. Nautilus Solar is demonstrating how successful renewable energy companies can reach new milestones of financial sustainability” Jeffery Cheng, CEO of Nautilus Solar Energy, said.
National Bank Financial Inc. and RBC Capital Markets acted as adviser and joint lead placement agents for Nautilus on the private placement transaction. Greenberg Traurig LLP acted as legal counsel for Nautilus, and Winston & Strawn LLP acted as legal counsel for the investors.
