SUMMIT, N.J., | NAUTILUS SOLAR —
Nautilus Solar Energy has completed 14 rooftop projects in Ontario, Canada; totaling approximately 4.1 megawatts with an additional 6 projects of 1.9 megawatts expected to be completed by July 2015.
The project represents one of the largest financings of a distributed generation solar photovoltaic (PV) portfolio.
The portfolio—representing projects of different sizes, investment structures and stages of completion—secured both non-recourse financing from Rabobank, a leading financier of renewable energy projects in North America, as well as equity funding from North Sky CleanTech Alliance Fund L.P. and NewWorld Environmental Infrastructure L.P (managed by GoldenSet Capital Partners LLC). The community investment partners include Green Energy Co-operative of Ontario, Inc. (GEGO) and Eagle Lake First Nation.
The projects were co-developed in partnership by Nautilus Solar Energy, its Canadian subsidiary Nautilus Solar Energy Canada Inc. and Moose Power Inc. Nautilus and Moose Power worked closely with the property owners to create solar solutions that increase owner return on investment (ROI) while reducing carbon footprint in Ontario. This first phase of the projects will total 6.0 megawatts and is expected to grow to 7.2 megawatts later this year. The portfolio will ultimately reach 24 megawatts. Each project secured 20-year power purchase contracts under the Ontario Power Authority’s feed-in tariff (FIT) program.
In addition to developing the projects with Moose Power, Nautilus will also provide physical and financial asset management services.
“These projects represent continued collaborations between commercial property owners and solar developers to leverage rooftop space resulting in increased owner ROI while supporting the development of renewable energy systems throughout Ontario” said David Velasco, Nautilus’s Vice President of Construction and Operations.
CEO of Nautilus, James Rice added “Nautilus is proud to have participated in the development, financing, and construction of these solar projects and will continue to have a proactive role as the Asset Manager. These transactions demonstrate Nautilus’ ongoing commitment to the Ontario solar energy market.”