February 1, 2022
Nautilus Solar Energy And Sunrise Energy Ventures Announce The Acquisition Of A 16.8 Mw Community Solar Portfolio In Minnesota
SUMMIT, NEW JERSEY (February 1, 2022) -- Nautilus Solar Energy, LLC ("Nautilus"), on behalf of its subsidiary Nautilus US Power Holdco, LLC, and Sunrise Energy Ventures ("SEV") announce the acquisition of up to twelve community solar projects in Minnesota totaling 16.8 MW of solar capacity. The projects, located in Blue Earth, Sherburne, Wabsha, Winona, Sibley, Wright, Pope, and Meeker Counties, are in various stages of development with the first several projects expected to reach operations by the end of 2022. Once completed, the community solar projects will provide an alternative energy option to 4,200 households in Minnesota within the Xcel Energy ("Xcel") electric utility territory.
These projects were developed by SEV as part of Xcel Minnesota’s Solar *Rewards® Community solar program, which has allowed for more than 825 MWac of completed projects since the start of the program. Nautilus is the long-term owner of the projects and responsible for overseeing construction, maintaining their long-term performance, and acquiring and managing customer subscriptions. Any residential Xcel Energy utility customer in Minnesota located in the same or adjacent county to a project is eligible to join as a subscriber to one of 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 approximately 26 million kWhs annually, contributing to Minnesota’s goals of providing economic growth, workforce opportunities and 25 percent clean energy goals by 2025.
This is the initial transaction between Nautilus Solar and SEV. Both firms have significant experience in the Minnesota market. Nautilus Solar has previously acquired and developed more than 45 MW of community solar projects in Minnesota. SEV has developed more than 100 MW in Minnesota, its home market.
"Nautilus is excited to expand our residential community solar offerings in the Minnesota market and to provide clean energy and financial savings to thousands of Minnesota residents," said Eric LaMora, Director of Community Solar for Nautilus. "It was great partnering with an experienced developer like Sunrise Energy Ventures on this transaction," added Eric Paul, Executive Director of Origination for Nautilus.
"I think the merger of our two skillsets improves the likelihood of success in Minnesota, a very difficult and highly competitive market. SEV looks forward to working with Nautilus who has extensive experience in community solar as well as commercial and industrial markets in the U.S.," said SEV CEO Dean Leischow.
The Minnesota community solar program continues to be one of the largest in the nation. Community solar provides the benefit of locally produced, affordable solar energy without any rooftop panels to install or upfront fees. Any Xcel customers who pay an electric bill can subscribe to a solar project in their area, helping to build stronger communities, fight climate change, and save on their electricity bill.
Spots are limited, so those who are interested in subscribing to community solar should 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-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.