SUMMIT, N.J., Nov. 7, 2019 /PRNewswire/ -- Nautilus Solar
Energy, LLC ("Nautilus"), a leading national owner/operator of
community solar projects, announced the acquisition of a 17.2
megawatt (MW) community solar portfolio from Borrego Solar Systems,
the largest privately owned developer, designer, installer and
O&M provider of commercial and utility-scale solar and energy
storage projects. In addition to developing the portfolio, Borrego
Solar will design, engineer, construct as well as maintain the
systems. Nautilus will be responsible for the project management as
the long-term owner and operator of the portfolio. Construction is
targeted for completion during Q3 2020.
Comprised of three solar projects in Monroe and Saratoga counties, the portfolio will produce
enough safe, pollution-free, energy to power 1,500 homes. The
portfolio has also been awarded NYSERDA Megawatt Block allocations
and NY-SUN incentives.
"It has been a pleasure to forge this relationship with Borrego
Solar. We have been impressed with the level of expertise and
professionalism they've demonstrated throughout the acquisition
process." said Jim Rice, CEO of
Nautilus. "We're particularly excited that this project
propels Nautilus's community solar expansion into New York, and marks part of the first wave of
portfolio acquisitions since being acquired by Power Energy
Corporation," added Jeffrey Cheng,
President of Nautilus.
"We are proud to have worked with Nautilus on this portfolio of
solar projects to help New York
move closer to achieving its goals of building a clean, resilient,
and affordable energy system by delivering zero-carbon,
pollution-free energy to more customers all over the state," said
Joe Bowers, Director of New York
Project Finance at Borrego Solar. "We thank the Nautilus team for
the collaboration and investment, which has enabled further
adoption of renewable energy and is helping to accelerate
New York's transition to a clean
energy economy. We're thrilled to call Nautilus one of key partners
in this effort."
Under the Community Solar model, qualified commercial and
residential National Grid's New
York customers can become subscribers for a portion of the
energy produced by a system, which show up in the form of credits
on their utility bills. The popularity of the model with
New York customers is evident in
the fact that the commercial subscriber allocations are already
full and there are a limited number of residential subscriptions
available.
About Nautilus Solar Energy, LLC
Founded in 2006, Nautilus Solar Energy, LLC, is a leading
national long-term owner/operator of community and distributed
generation solar projects. Nautilus focuses on acquiring,
developing and managing distributed and utility-scale generation
solar projects throughout North
America. Over its 12-year history, Nautilus has invested
over $1 billion in solar projects
located throughout the United
States and Canada. Nautilus
is owned by Power Energy Corporation, a subsidiary of Power
Corporation of Canada, a
diversified management and holding company (TSX: POW). Join
Nautilus on LinkedIn, Facebook and Twitter and/or visit
www.nautilussolar.com for more information.
About Borrego Solar
Established in 1980, Borrego Solar Systems Inc. is a leading
engineer, developer, installer, financier and operator of
commercial solar and energy storage systems in the United States with more than half a
gigawatt of installations constructed and nearly 700 MW under
management. Borrego Solar is a leading provider nationally with
offices in California,
Illinois, Massachusetts and New York. The company's mission is to solve
the world's energy problems by accelerating the adoption of
renewable energy. For more information,
visit www.borregosolar.com.
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SOURCE Nautilus Solar Energy, LLC