November 8, 2019
Nautilus Solar Energy Acquires 17.2 Mw Community Solar Portfolio From Borrego Solar
Acquisition Extends Nautilus’s Commitment to the New York Community Solar Market
SUMMIT, NJ (November 7, 2019) — Nautilus Solar Energy, LLC (“Nautilus”), a leading national owner/operator of community solar projects, announced the acquisition of a 17.2 megawatt (MW) community solar portfolio from Borrego Solar Systems, the largest privately owned developer, designer, installer and O&M provider of commercial and utility-scale solar and energy storage projects. In addition to developing the portfolio, Borrego Solar will design, engineer, construct as well as maintain the systems. Nautilus will be responsible for the project management as the long-term owner and operator of the portfolio. Construction is targeted for completion during Q3 2020.
Comprised of three solar projects in Monroe and Saratoga counties, the portfolio will produce enough safe, pollution-free, energy to power 1,500 homes. The portfolio has also been awarded NYSERDA Megawatt Block allocations and NY-SUN incentives.
"It has been a pleasure to forge this relationship with Borrego Solar. We have been impressed with the level of expertise and professionalism they've demonstrated throughout the acquisition process." said Jim Rice, CEO of Nautilus. "We're particularly excited that this project propels Nautilus’s community solar expansion into New York, and marks part of the first wave of portfolio acquisitions since being acquired by Power Energy Corporation," added Jeffrey Cheng, President of Nautilus.
"We are proud to have worked with Nautilus on this portfolio of solar projects to help New York move closer to achieving its goals of building a clean, resilient, and affordable energy system by delivering zero-carbon, pollution-free energy to more customers all over the state," said Joe Bowers, Director of New York Project Finance at Borrego Solar. "We thank the Nautilus team for the collaboration and investment, which has enabled further adoption of renewable energy and is helping to accelerate New York's transition to a clean energy economy. We're thrilled to call Nautilus one of key partners in this effort."
Under the Community Solar model, qualified commercial and residential National Grid’s New York customers can become subscribers for a portion of the energy produced by a system, which show up in the form of credits on their utility bills. The popularity of the model with New York customers is evident in the fact that the commercial subscriber allocations are already full and there are a limited number of residential subscriptions available.
About Nautilus Solar Energy, LLC
Founded in 2006, Nautilus Solar Energy, LLC, is a leading national long-term owner/operator of community and distributed generation solar projects. Nautilus focuses on acquiring, developing and managing distributed and utility-scale generation solar projects throughout North America. Over its 12-year history, Nautilus has invested over $1 billion in solar projects located throughout the United States and Canada. Nautilus is owned by Power Energy Corporation, a subsidiary of Power Corporation of Canada, a diversified management and holding company (TSX:POW). Join Nautilus on LinkedIn, Facebook and Twitter and/or visit www.nautilussolar.com for more information.
About Borrego Solar
Established in 1980, Borrego Solar Systems Inc. is a leading engineer, developer, installer, financier and operator of commercial solar and energy storage systems in the United States with more than half a gigawatt of installations constructed and nearly 700 MW under management. Borrego Solar is a leading provider nationally with offices in California, Illinois, Massachusetts and New York. The company's mission is to solve the world's energy problems by accelerating the adoption of renewable energy. For more information, visit www.borregosolar.com.