SUMMIT, N.J., July 31, 2019 /PRNewswire/ -- Nautilus Solar
Energy, LLC ("Nautilus"), a leading US solar developer and asset
manager, is pleased to announce its acquisition by Power Energy
Corporation ("Power Energy" or "PEC"), a subsidiary of Power
Corporation of Canada, a
diversified management and holding company (TSX:POW). The 100%
acquisition from management and Virgo Investment Group brings
together PEC'S financial strength and commitment to long-term asset
ownership with Nautilus's well-established platform for
acquisition, development, construction, finance and asset
management to propel the company's further expansion into key
community solar markets throughout the US.
The current management team is excited to lead the company under
the new ownership, with Jim Rice and
Laura Stern as co-CEOs and
Jeffrey Cheng as President. "This
transaction supports Nautilus's established strategy of acquiring,
developing, financing, owning and managing solar assets throughout
the US, with a focus on community solar markets. PEC's acquisition
will not only provide Nautilus with competitive capital, but also
the capabilities to accelerate growth to achieve greater scale in
the market," comments Jim Rice,
co-CEO. "Our investment into Nautilus is truly aligned with our
philosophy of supporting entrepreneurial teams in achieving our
long-term value creation model. We have the highest confidence in
the team's ability to lead the company through the evolving
community solar sector," notes Pierre-Olivier Perras, President of Power
Energy.
The company will continue to manage the solar portfolio
developed with Virgo Investment Group. "We are excited to reach
this milestone with Nautilus after having partnered with the
management team for the past four years to build one of the
country's leading community solar developers at the nascent stages
of the community solar sector. We look forward to a continued
strong relationship with Nautilus as the developer and asset
manager of Virgo's portfolio of 80 MWs of C&I and community
solar serving over 2,000 customers in eight states," said
Eli Aheto, Partner of Virgo
Investment Group.
Media Inquiries:
Cathy W. McAuliffe, Marketing
Coordinator, Nautilus Solar Energy LLP,
cathy@nautilussolar.com
About Nautilus Solar Energy:
Founded in 2006, Nautilus Solar Energy is a leading national
solar acquisition, development and asset management company
headquartered in Summit, NJ.
Nautilus focuses on acquiring, developing, executing and managing
distributed and utility-scaled generation solar projects.
Since its inception, Nautilus has invested over $1 billion in capital and provides asset
management services to distributed, community solar and utility
projects throughout North America. Join Nautilus on LinkedIn,
Facebook and Twitter and visit www.nautilussolar.com or
email info@nautilussolar.com for more information.
About Power Energy
Power Energy is a wholly owned subsidiary of Power Corporation
of Canada that actively manages
investments in the sustainable and renewable energy sector with the
goal of building and owning, over the long term, companies that can
generate growing and stable cash flows. Power Energy invests in
companies that benefit from the global energy transformation and
currently has invested in companies that develop, own and operate
solar and wind generating assets in North
America as well as companies operating in the sustainable
sector. For more information:
www.powerenergycorporation.com
About Virgo Investment Group
Founded in 2009, Virgo is a thematic investor with the mission
of building meaningful businesses. Virgo partners with Founder-led
or Family-owned businesses where both existing owners and
management have a material equity stake in the business. Virgo
targets companies undergoing industry or company-specific change,
which are executing on an identified inflection point in value.
Virgo has flexible capital that allows the Firm to provide
differentiated solutions. Virgo is an actively engaged investor,
driving value-add initiatives post-investment via a focus on human
capital transformation, business process enhancement, and
technology implementation through the Firm's Spica Alpha Unit. The
Firm has invested over $1.2 billion,
completing 58 investments to date.
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SOURCE Nautilus Solar Energy, LLC