New Jersey — Nautilus Solar announced the acquisition of twenty-one, fully-operational solar projects in New York and Maryland totaling almost ~60 MWdc of solar capacity.
Nautilus says the transaction is one of the largest acquisitions of an operating community solar portfolio to date. Sixteen projects in New York and five in Maryland currently provide community solar power to 9,500 households and two school districts through a Power Purchase Agreement (PPA). Nautilus’s Asset Management division will be responsible for the project management, long-term asset management, and maintenance for the life of the projects.
“This operating portfolio acquisition is a true milestone transaction for Nautilus and is a cornerstone to our core strategy of acquiring, developing, financing, owning, and managing solar assets throughout the US, with a focus on community solar markets,” said Jeffrey Cheng, President of Nautilus.
This announcement closely follows Nautilus’s acquisition of seven fully operational solar projects in Massachusetts totalling 5.2 MWdc of solar capacity in Q2 2021. The projects, located in Barnstable, Duxbury, Hadley, Mashpee, Mattacheese, Westminster, and Wixon, are under the Massachusetts Solar Renewable Energy Certificate (SREC) I program.