January 9, 2024
Nautilus Acquires 75.6 MW Portfolio in Illinois
Summit, New Jersey (January 09, 2024) – Nautilus Solar Energy®, LLC (“NSE”), on behalf of its affiliate Nautilus US Power Holdco, LLC (“NUPH” and together with NSE, “Nautilus”), announces the acquisition of a 75.6 megawatt (MW) portfolio, consisting of 16 community solar projects. These projects are located throughout Illinois and are projected to be operational between 2025 and 2027. This acquisition strengthens Nautilus's presence in community solar, particularly its rapid growth in existing and new midwestern markets.
The portfolio of projects is qualified under Illinois’ community solar program and helps support the state’s renewable energy goal of 40% by 2030 and 50% by 2040.
"This acquisition marks a significant commitment to the Illinois market and is a pivotal step towards expanding Nautilus’s overall footprint in the Midwest. The scale of this acquisition underlines Nautilus’s capabilities and reaffirms our position as a leading community solar company with projects and subscribers located across the country,” said Jeff Lee, Business Development Director at Nautilus.
Nautilus is the long-term owner of the projects and is responsible for overseeing construction, maintaining its long-term performance, and acquiring and managing customer subscriptions. The projects will enable both Ameren and ComEd customers to save on their electric bills while supporting the expansion of renewable energy and Illinois’ ambitious clean energy goals. Combined, the projects will generate clean energy to serve the energy needs of around 10,000 homes and commercial businesses.
“Illinois’ ambitious renewable energy targets are a testament to its commitment to environment and energy equity. At Nautilus, we are proud to lead this transition,” added Eric Paul, Vice President of Partner Development. "Our focus is not just on producing clean energy but ensuring that the benefits, particularly the cost savings, reach every Illinoisan, especially those from low-to-moderate income backgrounds and historically disadvantaged communities.”
Community solar programs are one of the fastest-growing sectors of the renewable energy industry, providing locally produced, affordable clean energy to residents and businesses. The development of community solar projects drives engagement and collaboration in communities through job creation, economic development, and responsible land use.
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. For more information on Nautilus Solar Energy visit nautilussolar.com. Join Nautilus on LinkedIn, Facebook, Instagram, and Twitter.
Nautilus Solar Energy LLC