August 29 (Solar) – New Jersey-based Nautilus Solar Energy LLC on Tuesday announced the acquisition of a community solar portfolio consisting of projects in Massachusetts and New York with a combined capacity of about 13.5 MW direct current (DC).
The portfolio was acquired from community solar developer Clean Energy Collective (CEC), which, as with other transactions between the companies, provided customer acquisition, project development and construction management services. Nautilus provided early-stage development capital and will also provide long-term asset management services and maintenance. The owner of the projects will be an affiliate of the Virgo Investment Group, which is a minority shareholder of Nautilus.
The portfolio is under construction, with all projects expected to be completed by the end of 2018. The offtake for the Massachusetts projects is with qualified commercial subscribers, and for the New York facilities is with 100% qualified residential subscribers, Nautilus said. The deal marks an entry for the company into New York's community solar market.
"This transaction furthers Nautilus/Virgo's commitment to be a leading owner/operator of community solar assets," said Nautilus chief executive Jim Rice.