Nautilus Solidifies Leadership in Maryland’s Energy Equity Push
Summit, New Jersey (August 15, 2023) – Nautilus Solar Energy®, LLC (“Nautilus”), on behalf of its affiliate Nautilus US Power Holdco, LLC (“NUPH”), announced the acquisition of two community solar portfolios in Maryland totaling 23 megawatts (MW), securing its role as a leader in Maryland’s growing community solar marketplace. These portfolios, which are comprised of six projects spread across the state, are expected to be operational by 2024 and underscores Nautilus’s commitment to empowering over 5000 Maryland subscribers residing in the Pepco and BG&E utility territories with equitable access to clean, renewable energy.
Nautilus already owns and manages nearly 90 MW of operational and late-stage development projects in Maryland and provides clean renewable power to tens of thousands of Marylanders.
“Maryland's ambitious renewable energy targets are a testament to its commitment to the environment and energy equity. At Nautilus, we are proud to lead this transition,” stated Eric Paul, Vice President of Partner Development at Nautilus. "Our focus is not just on producing clean energy but ensuring that the benefits, particularly the cost savings, reach every Marylander, especially those from low-to-moderate income backgrounds and historically disadvantaged communities.”
Maryland recently became the latest state with a permanent community solar program, notably requiring at least 40% of solar capacity dedicated to benefit low-to-moderate income (LMI) customers. This will ensure that historically disadvantaged Marylanders have equitable access to electric bill savings at a time when inflated energy prices are driving up household energy costs. In addition, these projects will create significant local construction jobs and generate opportunities for new property tax revenue and other community benefits over their operational life.
NUPH is the long-term owner of the projects and Nautilus is responsible for overseeing construction, maintaining its long-term performance, and acquiring and managing customer subscriptions.
About Nautilus Solar Energy
Nautilus Solar Energy®, LLC is a leading community solar company, providing clean energy to residential and commercial customers in local communities. Nautilus operates and manages solar farms in 10 states and is responsible for financing, development, maintenance, and customer service for the lifetime of the project. Founded in 2006, Nautilus has helped shape the future of solar to provide an equitable and affordable renewable energy choice for all. Nautilus is owned by Power Sustainable, a wholly owned subsidiary of Power Corporation of Canada. Power Sustainable is a multi-platform alternative asset manager with a long-term investment approach focused on sustainable strategies. For more information on Nautilus Solar Energy visit nautilussolar.com. Join Nautilus on LinkedIn, Facebook, Instagram, and Twitter.
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