February 7, 2024
Nautilus Solar Energy® Acquires 12.7MW Community Solar Portfolio from SolAmerica Energy
Nautilus Solar Energy®, LLC (“Nautilus”), on behalf of its affiliate Nautilus US Power Holdco, LLC (“NUPH”), announced the acquisition of a 12.7 MW portfolio of community solar projects from SolAmerica Energy, LLC (“SolAmerica”). Both projects, located in Canton, NY, are expected to be fully operational in 2024. Once completed, the community solar projects will provide clean energy to power over 1,800 residential subscribers within the National Grid utility territory.
The Empire State has become Nautilus’s largest community solar market, with over 200MW in development and operation. The acquisition expands the company’s overall footprint as a leading Community Solar company in the U.S. NUPH 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 acquisition of this portfolio from SolAmerica demonstrates our dedication to working closely with our development partners to achieve the best possible outcome and advancing clean energy goals for New York State. The thorough diligence, speed of execution, and collaborative efforts on this deal exemplify why our development partners choose to transact with us and contribute to a more sustainable future,” said David Okuwobi, Business Development Director at Nautilus.
Tony Yonnone, Senior Vice President at SolAmerica stated, “The Town of Canton and the St. Lawrence County IDA have been integral to the success of these projects, and we can’t thank them enough for their support throughout the development process. Trusted industry colleagues and partners are indispensable, though, and Nautilus is one of the best. SolAmerica has genuinely enjoyed working with the Nautilus team to make these projects a reality. We’re excited to see them completed, commissioned, and generating renewable energy to help power the promise of a sustainable future.”
The community solar portfolio directly supports New York’s Climate Leadership and Community Protection Act which mandates the state to obtain 70 percent of its electricity from renewable sources by 2030 (and that the electric sector be emissions-free by 2040). The projects will create significant local construction jobs and generate new property tax revenue and other community benefits over their operational life.
New Yorkers within the National Grid utility territory will be eligible to subscribe to this portfolio beginning early 2024.
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.
About SolAmerica Energy
SolAmerica Energy, LLC is a leading provider of turnkey solar energy solutions, based in Atlanta, Georgia. It specializes in the development, engineering, procurement, and construction of ground-mount, rooftop, and parking canopy solar systems designed to meet the distributed generation needs of utilities and large commercial and industrial facilities. It relies on best-in-class materials, operational excellence, on-time execution, and highly competitive pricing. Since its founding in 2009, SolAmerica has developed or constructed hundreds of megawatts of solar projects across the country. Its clients include some of the nation’s largest utilities and independent power producers. www.solamericaenergy.com
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