New Jersey — Nautilus Solar closed a $90 million debt financing agreement led by National Bank of Canada “NBC” and including Royal Bank of Canada (“RBC”) as lender.
The financing consists of a $75 million revolving construction facility and a $15 million letter of credit facility.
The proceeds provide Nautilus with competitive capital for its well- established platform for acquisition, development, construction and management of solar assets, and will propel the company’s further expansion into key community solar markets throughout the United States.
The construction facility will fund approximately 100 MW of community solar projects in Rhode Island, Maryland, New York and Minnesota. The construction loan is expected to be taken out with a term debt facility provided by the same bank group.
“Nautilus is very pleased to have worked with NBC and RBC on this financing and look forward to growing our business relationship in the future,” said Laura E. Stern, co-CEO of Nautilus. “Such financing partnerships are vital as we continue to achieve greater scale in the community solar sector of the industry.”
“We are proud to have partnered with Nautilus. This transaction fits well within our strategy to expand our renewables banking and advisory practice outside Canada. We look forward to growing our relationship over the next several years”, said Alexandre Huot, Managing Director at National Bank of Canada.