Nautilus And Cipriani Forge Partnership With The Acquisition Of Two Community Solar Portfolios In New York
25MW Acquisition Expands Nautilus’s Commitment to Bring Clean Energy to all New Yorkers
Summit, New Jersey (September 19, 2022) – Nautilus Solar Energy, LLC (“Nautilus”), on behalf of its affiliate Nautilus US Power Holdco, LLC, announces the acquisition of two community solar portfolios in New York from Cipriani Energy Group Corporation (“Cipriani”), an international developer of renewable energy project. The two companies will co-develop eight community solar projects, totaling 25 MW.
The projects are located in six New York counties and are in various stages of development. The first projects are expected to reach operation by the fourth quarter of 2023. Once completed, the community solar projects will provide an alternative energy option to New Yorkers within the National Grid and NYSEG electric utility territories.
“Cipriani is the ideal partner to co-develop these projects. As an international pioneer in renewable energy, they bring the expertise needed to expand community solar in the Empire State. This fortifies a long-term partnership among the two companies,” said Daniela Pangallo, Director Business Development for Nautilus. “This acquisition exemplifies Nautilus’s commitment to working closely with our early-stage development partners and furthers our overall goal of becoming a leading provider of community solar across the country,” added Jeffrey Cheng, President of Nautilus.
“We are excited to collaborate with Nautilus as we undertake this journey together towards achieving New York State’s renewable energy goals and bringing the benefits of community solar to all its residents,” added Lorenzo Cipriani, founder and CEO of Cipriani Energy Group.
The community solar projects directly support New York’s Climate Leadership and Community Protection Act (Climate Act) which mandates the state to obtain 70 percent of its electricity from renewable sources by 2030. The act also ensures that at least 35 percent of the benefits of clean energy investment are directed to disadvantaged communities (DAC) and low-to-moderate income (LMI) subscribers.
About Nautilus Solar Energy
Nautilus Solar Energy, LLC is a leading nationwide provider of clean solar energy, serving residential and commercial customers in local communities. Nautilus owns solar projects throughout their entire lifecycle and is responsible for financing, project development and acquisition, design, construction, operations and maintenance, and customer acquisition and service. Nautilus is committed to creating a clean, sustainable future by offering an equitable and affordable renewable energy choice. In the last 16 years, Nautilus has helped lead smart policy shaping the future of solar to create a better and more just renewable energy choice. Nautilus is wholly owned by Power Sustainable, a global multi-platform alternative asset manager with a long-term investment approach focused on sustainable strategies.
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