June 1, 2022
Nautilus Solar Acquires Two Community Solar Portfolios In Maine Totaling 26.2 Mw From Bnrg Dirigo
Acquisition Expands Nautilus’s Commitment to Bring a Clean Energy Choice to all Mainers
SUMMIT, NEW JERSEY (June 1, 2022) -- Nautilus Solar Energy, LLC ("Nautilus"), on behalf of its subsidiary Nautilus US Power Holdco, LLC, announced the acquisition of two community solar portfolios in Maine, with 5 projects totaling 26.2 MW from BNRG Maine LLC (d/b/a BNRG Dirigo). The five projects, located in Cumberland, Kennebec and Penobscot counties, are in various stages of development with the first projects expected to reach operation by the third quarter of 2022. Once completed, the community solar projects will provide an alternative energy option to 6,000 residential households within Central Maine Power ("CMP") electric utility territory and to commercial off-takers within the Versant electric utility territory.
These portfolios are part of Maine's Net Energy Billing program, amended by Governor Mills to provide renewable energy benefits and reduced costs for its residential customers. Nautilus is the long-term owner of the projects and responsible for overseeing construction, maintaining its long-term performance, and acquiring and managing customer subscriptions. Any residential CMP utility customer is eligible to subscribe to the projects through Nautilus with no upfront cost, no long-term commitment, and no cancellation fees.
When fully operational the projects are expected to generate over 36 million kilowatt hours (kWhs) annually, contributing to Maine’s goals of providing economic growth, workforce opportunities, and relying on 80% clean energy by 2030 and 100% by 2050 program.
Nautilus Solar acquired these portfolios in two separate transactions with BNRG Maine, a joint venture between BNRG Renewables and Dirigo Solar. Both firms have significant experience developing solar projects in Maine. Nautilus has acquired and developed more than 92 MW of community solar projects in Maine, of which 52 MW will be operational end of Q3 2022 and 88 MW by the end of 2022.
"After our first successful transaction with the BNRG Maine team where we had to overcome many market challenges, it was a pleasure to work closely with them again on the second transaction. Not only did their local expertise expedite timelines and reduce development risks in this emerging solar market, but they also proved once again to be creative and reliable partners. We really appreciate the opportunity for repetitive business with them," said Daniela Pangallo, Director of Business Development for Nautilus.
"Nautilus is a leader in the community solar space and clearly dedicated to supporting Maine's energy growth. Their team appreciates the local importance of these assets, and we look forward to supporting them through energization for the benefit of Maine homes and businesses," said Nicholas Mazuroski, Co-Founder for Dirigo Solar. "BNRG Dirigo is delighted to work with the Nautilus team to bring these community solar assets online, providing both green power and significant savings to Mainers. Through this portfolio and BNRG Maine’s broader investment in solar deployment in Maine, we continue our investment and belief in Maine as a strong leader and supporter of the energy transition," added Rebecca Kelly, Head of Investment and Financing at BNRG Renewables.
Nautilus is also pleased to announce it has joined the Portland Sea Dogs, the Double-A Northeast League affiliate of the Boston Red Sox, as the Community Spotlight Sponsor. As part of its sponsorship, Nautilus will help community non-profit organizations and groups raise awareness and share information about their great causes at the Community Spotlight Table on each game day throughout the season. This sponsorship is part of Nautilus's ongoing efforts to support local communities and organizations and spread the word about the benefits of community solar.
"We are thrilled to partner with the Portland Sea Dogs as we put community front and center," said Eric LaMora, Director of Community Solar for Nautilus. "Their community-minded mission aligns perfectly with our vision of creating a clean, sustainable future by providing thousands of residents an equitable and affordable renewable energy choice."
Community solar is unique in that it provides Maine residents, previously unable to afford or access solar energy, with the opportunity to subscribe to a Nautilus local solar project and save money without the need to invest in or install a system on their roof. Community solar has become the fastest-growing segment of the solar market with over 3.2 GW of installed capacity, enough to power about 140,000 households. Today, twenty states and the District of Columbia allow community solar programs, creating local jobs and spurring local economic investment. Spots are limited, so those who are interested in subscribing to community solar should sign up here.
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 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.
About BNRG Maine LLC (d/b/a BNRG Dirigo)
BNRG Maine LLC, doing business as BNRG Dirigo, is a joint venture led by BNRG Renewables Inc. (BNRG), and Dirigo Solar LLC (Dirigo). As a Maine-based developer of community and utility-scale solar power plants, our mission is to leverage technology cost reductions to lower the cost of power for Maine homeowners and businesses, with locally generated, clean energy that revitalizes rural communities. Since 2015, BNRG Dirigo has developed a portfolio of more than 350 MW of distributed and utility-scale, solar PV in Maine, with nearly 100 MW in operation.