Nautilus Set to Acquire its Largest Pre-Operational Community Solar Portfolio from Seaboard Solar Holdings – EQ Mag
Summit, New Jersey : Nautilus Solar Energy®, LLC (“Nautilus”), on behalf of its affiliate Nautilus US Power Holdco, LLC (“NUPH”), announced that it has signed a deal to acquire a 54MW portfolio of solar projects from Seaboard Solar Holdings, LLC (“Seaboard”). The nine projects in the portfolio are located in New York and are expected to reach operation by fourth quarter of 2023. Once completed, the community solar projects will provide clean energy to power over 10,000 residential and commercial subscribers within the National Grid utility territory.
The Empire State has become Nautilus’s largest community solar market, with approximately 200MW in development and operation. The acquisition expands the company’s overall footprint as a leading Community Solar company in the U.S. NUPH is the long-term owner of the projects and Nautilus is responsible for overseeing construction, maintaining its long-term performance, and acquiring and managing customer subscriptions.
“We are proud of the creativity and flexibility of our Nautilus team in collaboration with our partner Seaboard to resolve the challenges and tight timing surrounding the acquisition of this portfolio,” said David Okuwobi, Business Development Director at Nautilus. “This acquisition exemplifies Nautilus’s commitment to working closely with our development partners to accelerate clean energy, reduce carbon emissions, and save our planet one day at a time.”
Shawn Brazo, President of Seaboard, stated, “With over 200MWs of developed projects under our belt, as Seaboard continues to build on our strong solar and battery storage success, we are thrilled to continue to expand our long-standing relationship with such a capable partner as Nautilus.”
The community solar portfolio directly supports New York’s Climate Leadership and Community Protection Act which mandates the state to obtain 70 percent of its electricity from renewable sources by 2030 (and that the electric sector be emissions-free by 2040). The projects are also expected to create significant local construction jobs and generate millions in new property tax revenue and other community benefits over their operational life.
Community solar programs are one of the fastest growing sectors of the New York clean energy industry, providing locally produced, affordable clean energy. New Yorkers within the National Grid utility territory will be eligible to subscribe to this portfolio beginning mid-2023.
About Nautilus Solar Energy
Nautilus Solar Energy®, LLC is a leading community solar company, providing clean energy to residential and commercial customers in local communities. Nautilus operates and manages solar farms in 10 states and is responsible for financing, development, maintenance, and customer service for the lifetime of the project. Founded in 2006, Nautilus has helped shape the future of solar to provide an equitable and affordable renewable energy choice for all. Nautilus is owned by Power Sustainable, a wholly owned subsidiary of Power Corporation of Canada. Power Sustainable is a multi-platform alternative asset manager with a long-term investment approach focused on sustainable strategies.
Source: nautilussolar
