<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1090449624644528&amp;ev=PageView&amp;noscript=1">

Nautilus Closes Community Solar Financing With U.S. Bank

SUMMIT, NJ, June 27, 2022 — Nautilus Solar Energy, LLC, on behalf of its affiliate Nautilus US Power Holdco, LLC ("Nautilus"), has announced closing of a $58 million tax equity commitment with U.S. Bancorp Community Development Corporation (USBCDC), a subsidiary of U.S. Bank (NYSE: USB). The investors will provide competitive tax equity financing for fourteen community solar projects across Colorado, Maine, and New York, amounting to approximately 68 MWdc of installed capacity. All projects are expected to be placed in service in 2022, providing clean energy to nearly 6,600 residential homeowners and renters, local businesses, non-profit organizations, and corporate customers.

"U.S. Bank's industry expertise and innovative financing solutions have provided the ideal partnership," said Laura Stern, co-CEO of Nautilus. "This transaction allows us to unlock the full value of these projects, expanding access to clean low-cost electricity for small businesses and households." Camelia Miu, Chief Financial Officer of Nautilus, added, "Our partnership with U.S. Bank proves that investment solutions for smaller community solar projects can be used to bring renewable energy to many markets in the US. We are thrilled to have the U.S. Bank team alongside us in the process."

"We're excited to partner with Nautilus to grow community solar in Colorado, Maine and New York," said Justin Baker, vice president with USBCDC’s Environmental Finance team. "Solar investments like this are a tangible way U.S. Bank can be a responsible steward of the environment and combat climate change while creating jobs and positively impacting local communities."

This transaction is the first community solar portfolio financing between U.S. Bank and Nautilus. Marathon Capital acted as the exclusive financial advisor to Nautilus on the deal.

Nautilus is the long-term owner of the projects, with Nautilus Solar Energy responsible for overseeing construction, maintaining its long-term performance, and acquiring and managing customer subscriptions through its proprietary community solar subscriber management and acquisition platform.

The 7.3MW Farmingdale, ME community solar farm is one of fourteen projects owned and operated by Nautilus Solar Energy to be financed through a $58 million tax equity commitment with U.S. Bank. This community solar project will provide clean energy to 776 local homeowners, renters, local businesses, and non-profit organizations, all of whom would not otherwise be able to benefit from solar power.


About Nautilus Solar Energy, LLC

Nautilus Solar Energy, LLC is a leading owner-operator of solar projects serving the community solar market and corporate customers throughout the United States.  A pioneer in solar energy since 2006, Nautilus is committed to creating a clean, sustainable future by offering an equitable and affordable renewable energy choice. Through its Community Solar initiative, Nautilus is making solar energy available to a broader marketplace, including low-to-moderate income (LMI) households and unrated businesses that wish to reduce their carbon footprint and utility bills.

Nautilus Solar Energy is wholly owned by Power Sustainable, a global multi-platform alternative asset manager with a long-term investment approach focused on sustainable strategies.  Nautilus owns solar projects throughout their entire lifecycle enabling Nautilus, along with entrusted local partners, to fulfill its promise of creating a better world by powering communities with clean energy for the long term.

For more information on Nautilus Solar Energy visit https://nautilussolar.com/. Join Nautilus on LinkedIn, Facebook, Instagram, and Twitter.


About U.S. Bancorp Community Development Corporation

With $37.19 billion in tax credit equity committed as of May 31, 2022, U.S. Bancorp Community Development Corporation, the community investment and tax credit subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country. As a leading community development investor, lender and tax credit syndicator, its capital commitments contribute to the creation of new jobs, rehab of historic buildings, construction of needed affordable housing, development of renewable energy facilities and generate economic activity in underserved communities across the country. Visit USBCDC on the web at www.usbank.com/cdc.


Media Contact:

Carlene Pruitt
Nautilus Solar
(908) 795-3038

Back to All Blogs

Connect with Nautilus Solar

Discover more ways to engage with us and stay connected. Your journey towards sustainable
energy solutions starts here.
Have questions or inquiries? Reach out to our dedicated team.

× Enroll Now