January 27, 2021
Nautilus Solar Energy Acquires Three Community Solar Projects In Maine From Walden Renewables
Marks Nautilus's Entry into the Maine Market
January 27, 2021: Nautilus Solar Energy LLC ("Nautilus") and Walden Renewables Development LLC ("Walden") announce the acquisition of three distributed generation solar projects in Maine from Walden. The projects -- located in the Towns of Wells and Fryeburg, and the City of Sanford -- were developed by Walden. Nautilus is responsible for managing the projects, overseeing construction, maintaining long-term performance, and acquiring and managing customer subscriptions.
Each project is approximately 6.4MW DC. The three projects combined will offset the electricity demand of over 3,000 households and avoid almost 8,000 tons of carbon dioxide equivalent emissions. By participating in Maine's recently enacted distributed generation program, the projects will not only realize significant environmental benefits to the region, but they will also allow Maine rate payers to receive direct discounts on their utility bills from the solar facilities. The projects will also generate significant economic development in the host communities in the form of direct tax payments and robust job demand.
Henry Weitzner, CEO of Walden said: "We are very pleased to be working with Nautilus on these transactions. Their outstanding expertise in community solar ensures that the maximum benefits will accrue to all stake holders, including landowners, host communities, and Maine rate payers who sign up for the benefits of community solar."
Jack Kenworthy, Chief Development Officer of Walden said: "Walden has strong roots in Maine and began partnering with landowners and working with communities even before a community solar program was enacted by the State. Walden believes that stake holder relationships are the key ingredient to a successful renewable energy project. We were very happy to see that Nautilus shares our values in putting the needs of landowners and communities first."
Jeffrey Cheng, President of Nautilus Solar said: "We are excited to enter the Maine solar market and particularly about the bright future for community solar. These initial projects represent a glimpse of and the many benefits that community solar can bring to its local residents and constituents." Laura York, Director of Structuring for Nautilus, added "It was a pleasure for Nautilus to work closely with the Walden team on these solar projects. Their early vision and expertise expedited development timelines and reduced development risks in this emerging solar market."
About Nautilus Solar Energy LLC
Nautilus Solar Energy, LLC ("Nautilus") is a leading owner-operator of distributed generation and community solar projects located throughout North America. Over its 14-year history, the Nautilus team has successfully developed, acquired, managed and invested over $1.2 billion of capital into solar projects. Nautilus is wholly owned by Power Energy Corporation, a subsidiary of Power Corporation of Canada (TSX:POW), a global diversified management and holding company. Join Nautilus on LinkedIn, Facebook and Twitter and/or visit www.nautilussolar.com for more information.
About Walden Renewables Development LLC
Walden Renewables Development LLC ("Walden") is a renewable energy development company founded by Henry Weitzner (CEO) and Jack Kenworthy (CDO/COO). Since 2011 Walden's founders have been active in the development, financing, construction, ownership and operation of renewable energy projects across a wide range of technologies. Backed by RWE Energy Transition Investments, an investment vehicle of RWE Supply & Trading GmbH (a subsidiary of RWE AG), Walden's focus is on the utility scale solar PV market, and is developing a pipeline of over 1 GW in the northeast United States (ISO-New England, PJM) and western states. Based in New York City, Walden also has offices in Portsmouth, New Hampshire.