June 24, 2021
Nautilus Solar Energy Acquires 6.34 Mw Community Solar Project In New York From Saturn Power
Acquisition Expands Nautilus's Commitment to the New York Renewable Energy Market
SUMMIT, NJ (June 24, 2021) — Nautilus Solar Energy, LLC ("Nautilus"), a leading owner-operator of solar projects focused on community solar markets located throughout the United States, announced the acquisition of a 6.34 MWdc community solar project in New York from Saturn Power Inc. ("Saturn"), a Canadian renewable energy developer. The project, located in Norwich, NY, is expected to start construction in Q2 2021. Once completed, it will provide a clean energy choice to 775 households within the NYSEG utility territory while advancing New York's renewable energy goals.
The community solar project 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). When fully operational the project is expected to generate approximately 9.0 million kilowatt hours (kWhs) annually. That is the environmental equivalent of planting over 105,645 trees or taking over 1,390 cars off the road for the year, curbing greenhouse gas emissions, and slowing the harmful effect of climate change (source: https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator).
In addition to environmental benefits, community solar favorably impacts economic development. The project will employ up to 50 local construction and installation workers on the project at any given time, and will provide ongoing, positive economic benefits to the community over the 35-year life of the project.
This is the first transaction between Nautilus and Saturn Power. As the landowner, Nautilus has a long-term commitment to the projects, including being responsible for project management, asset management, maintenance services, and for acquiring and managing customer subscriptions.
"This acquisition extends Nautilus's vision towards a sustainable future by providing equitable, affordable access to community solar for all New Yorkers," said Jim Rice, co-Founder and co-CEO of Nautilus Solar. "This acquisition exemplifies Nautilus's commitment to working closely with our early-stage development partners and furthers our overall goal of becoming a leading acquirer of community solar portfolios across the country," added Jeffrey Cheng, President of Nautilus Solar.
"This community solar development will provide great benefit to the local community in addition to further contributing to New York State’s ambitious renewable energy targets and Saturn Power is proud of our team for their efforts in originating and developing this important solar project," said Doug Wagner, CEO for Saturn Power. "When looking to transition this project to a local owner and operator, we pursued an organization with common values and a vision for renewable development that was consistent with Saturn Power's, and we are delighted that Nautilus will be seeing this project through to commercial operation and beyond."
Community solar is one of the fastest growing sectors of the New York clean energy industry, providing locally produced, affordable clean energy without any rooftop panels to install or upfront fees. Anyone who pays an electric bill can subscribe to a solar project in their area, helping to build stronger communities and fight climate change. Any residential NYSEG utility customer is eligible to subscribe to a portion of the energy produced by the Nautilus community solar project and receive a 10% savings on their utility bill with no upfront cost, no long-term commitment, and no cancellation fees. Subscriptions to these projects are limited. Anyone interested in subscribing can now sign up at https://nautilussolar.com/find-your-community.
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 middle-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 Saturn Power
Saturn Power Inc., founded in 2007 and based in Baden, Ontario, Canada, has over 600 MW of renewable energy generation and storage projects in development, built or operating, including solar, battery storage, and wind power projects in Canada, Bermuda, the United States, and Turkey. The company also has expertise in project financing, engineering, procurement, and construction as well as the operation and maintenance of existing renewable assets.
For more information, visit www.saturnpower.com
Cathy W. McAuliffe
Marketing Coordinator, Nautilus Solar Energy LLC