Nautilus Solar Energy And Turningpoint Energy Announce Partnership On A 25.5 Mwdc Community Solar Portfolio In Maine
Project Launches the Partnership's Presence in Maine
PORTLAND, MAINE, July 28, 2021-- Nautilus Solar Energy, LLC ("Nautilus") and TurningPoint Energy ("TPE") announce a partnership working on four community solar projects in Maine totaling 25.5 MWdc of solar capacity. The projects, located in Somerset, Kennebec, Androscoggin, and Knox Counties, were in late stages of development, and construction began in Q2 2021. Once completed, the community solar projects will provide a clean energy option to 5,750 households in Maine within the Central Maine Power ("CMP") electric utility territory.
These projects are developed by TurningPoint Energy as part of Maine's Net Energy Billing program, which was amended in June 2019 by Governor Mills to provide renewable energy benefits, energy efficiency, and reduced costs for its residential customers. Nautilus is the long-term owner of the projects and responsible for overseeing construction, maintaining its long-term performance, and acquiring and managing customer subscriptions. Any residential Central Maine Power utility customer is eligible to join 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 25 million kWhs annually, contributing to Maine’s goals of providing economic growth, workforce opportunities, and 80 percent clean energy by 2030 and 100% by 2050.
This is the second transaction between Nautilus Solar and TurningPoint Energy demonstrating the strong partnership between the two organizations.
"These projects symbolize Nautilus's commitment to making clean energy simple and accessible to all Mainers," said Nautilus Solar co-CEO Jim Rice. "It is exciting to be a part of this first step for community solar in Maine and rewarding to partner with an experienced developer like TurningPoint Energy," added Eric Paul, Executive Director of Channel Partnerships for Nautilus.
TPE expanded its business operations to Maine in an announcement last year.
"This is TurningPoint Energy's first demonstration of coming through on our commitment to invest in Maine's community solar market we made in 2019 and we're thankful to continue to work in strategic partnership with Nautilus Solar to make good on this commitment,” said Jared Schoch, President of TurningPoint Energy. "We commend Maine’s leaders for creating such a timely economic development opportunity in its clean energy economy in a COVID-2021 year that definitely needs it."
Community solar is one of the fastest growing sectors of the Maine clean energy industry. Community solar provides all the benefits of 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, fight climate change, and save on their electricity bill.
As a renewable energy generation resource, the community solar projects provide the following benefits for the State of Maine:
- The equivalent of powering over 5,700 Mainers homes.
- Capital investment of over $40 million and the team is committed to working with local engineering, construction, professional services and related Maine-based firms to support Maine’s economy.
- Over 100 projected construction and ongoing operations and maintenance jobs.
- Environmental equivalent of planting over 366,400 trees or taking over 4,750 cars off the road for the year, curbing greenhouse gas emissions and slowing harmful effect of climate change (source: https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator).
- TPE has committed $45,000 in total community investment to deserving charities and related Maine-based entities in each community these projects are located.
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About Nautilus Solar Energy, LLC
Nautilus Solar Energy, LLC is a leading owner-operator of solar projects focused on large industrial and community solar markets located 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 TurningPoint Energy
TurningPoint Energy is a clean energy development, advisory and investment company with solar development projects underway throughout the United States. Its principals have experience developing solar projects for utility and community solar clients totaling more than $2.5 billion in value over 1.1GW of operating solar power plants throughout the United States within the last decade. TurningPoint Energy is a lean, privately-held firm that adapts to its clients’ needs and finds ways to invest in its clients and their communities…at every turning point. For more information about TurningPoint Energy, visit https://turningpoint-energy.com.
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