Nautilus Acquires up to 270MW Portfolio from ESA
Summit, New Jersey (June 15, 2023) – Nautilus Solar Energy®, LLC (“Nautilus”), on behalf of its affiliate Nautilus US Power Holdco, LLC (“NUPH”), announced the acquisition of a portfolio of up to 270MW community solar projects from ESA (“ESA”). Located throughout the Midwest in markets with proposed community solar legislation, the projects are in the early stages of development and will be co-developed by both companies. The landmark deal represents Nautilus’ largest early-stage acquisition and co-development partnership to date and its first transaction with ESA. Piper Sandler Companies (NYSE: PIPR) was the advisor to ESA on the acquisition.
"We are thrilled to unite ESA's market savvy and development expertise with Nautilus's financial might and nimble transactional abilities. This partnership combines our complementary strengths, equipping us to navigate hurdles and risks together while driving transformative outcomes for early-stage development projects," said Laura York, Vice President of Structuring at Nautilus. “We are excited to partner with ESA to expand into several new community solar markets, contributing towards an equitable, sustainable future for all,” added Eric Paul, Vice President of Partner Development at Nautilus.
"Our mission at ESA is to provide pathways to clean energy, and strategic partnerships like this one with Nautilus are foundational to realizing that goal," said Lindsay Latre, Chief Executive Officer at ESA. "Their proven commitment to the Midwest markets and the community solar industry at large is commendable. As we collectively oversee the development of this portfolio, we couldn't be more excited about working hand-in-hand to advance solar energy solutions across these communities."
"With this major investment, we are crystallizing our commitment to expanding access to solar energy adoption," said Justin Vandenbroeck, Chief Operating Officer at ESA. "By leveraging Nautilus' robust financial capabilities to capitalize these community solar projects across the Midwest, we're giving our landowners, host communities, and our team an even greater chance to benefit from the promising economic opportunities the clean energy economy provides to rural communities across the United States."
“Piper Sandler is pleased to have been a part of facilitating this transaction to increase access to clean, low-cost solar energy across the upper Midwest. ESA is at its core a highly creative and innovative solar developer, so it was critical that we were able to identify a counterparty with similar values. The structure of this transaction is unique and one which will serve as a blueprint for the industry for years to come.” Robert Sternthal, Managing Director, Energy & Power Investment Banking at Piper Sandler.
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.
ESA is a prominent clean energy development and decarbonization platform. Over the past decade, ESA has successfully transacted over 6 GW of operating solar energy projects and pre-construction development assets. Our diverse portfolio spans a broad array of asset classes, including installations at corporate headquarters, commercial and industrial facilities, community solar portfolios, and multi-100 MW utility-scale solar projects. ESA's influence extends across 22 states, where projects have interconnected with 27 distinct utilities. ESA operates with the freedom and flexibility inherent in a privately owned and managed corporation. To learn more about ESA, please visit our website at esa-solar.com. You can also stay up to date with our latest developments by following us on LinkedIn.
About Piper Sandler
Piper Sandler Companies (NYSE: PIPR) is a leading investment bank driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and NYSE; in the U.K. through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Authority; and in Hong Kong through Piper Sandler Hong Kong Ltd., authorized and regulated by the Securities and Futures Commission. Alternative asset management and fixed-income advisory services are offered through separately registered advisory affiliates. Follow Piper Sandler: LinkedIn | Facebook | Twitter
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