Nautilus Solar Energy Closes On Tax Equity Investment
Transaction is First Community Solar Project Financing Between the Companies
SUMMIT, N.J., December 22, 2020 -- Nautilus Solar Energy, LLC ("Nautilus"), a leading owner-operator of distributed generation and community solar projects located throughout North America, has closed a tax equity investment from a fund associated with Churchill Stateside Group ("Churchill"), a real estate and renewable energy financial services company, for the long-term financing of a 9.544 MWdc (6.68MWac) community solar installation in West Greenwich, RI. The transaction marks the first tax equity transaction between Nautilus and Churchill.
The Hopkins Hill project was fully developed by Turning Point Energy (“TPE”) and constructed by DEPCOM. The project, which was energized on November 25, is part of Rhode Island’s Community Remote Net Metering Pilot Program. The fully subscribed community solar installation will provide energy to more than 1,780 residential subscribers. The subscribers, located in National Grid’s service territory, are provided with energy cost savings and help to advance Rhode Island’s overall renewable energy goals. Nautilus is also working with TPE and DEPCOM on the 16.311 MWdc (12.672 MWac) King community solar project, which is expected to be energized in early 2021.
"The Nautilus team is proud to partner with Churchill Stateside on this transaction. We look forward to working together in the future as we expand our community solar portfolio", said Corey Stein, Executive Director, Capital Markets of Nautilus Solar Energy, LLC.
"Churchill is pleased to partner with Nautilus and grow community solar in Rhode Island," said Devin Sanderson, Chief Operating Officer and Executive Vice President of Churchill Stateside Group. "As the renewable energy markets continue to evolve, it is increasingly important for Churchill to partner with quality owner-operators, like Nautilus, for the benefit of our growing investor base."
Nautilus is the leading owner and operator of community solar projects in Rhode Island with two operational projects totaling 12.58 MWdc (9.18 MWac) and an additional 21.08 MWdc (15.67 MWac) that will be operational by the end of Q1 2021. Once all projects are operational, Nautilus will be providing approximately 5,000 Rhode Island residential customers with energy costs savings through community solar.
This deal comes on the heels of a $95 million tax equity financing commitment with an affiliate of Credit Suisse for the long-term financing of fourteen community solar projects across Rhode Island, Maryland, New York, and Minnesota, amounting to approximately 55 MWdc of community solar capacity. https://nautilussolar.com/news/nautilus-solar-energy-closes-community-solar-financing-with-credit-suisse/
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.
Cathy W. McAuliffe, Marketing Coordinator, Nautilus Solar Energy LLC