SUMMIT, N.J., Jan. 13, 2020 /PRNewswire/ -- Nautilus Solar
Energy ("Nautilus") has acquired a 31.5 MW portfolio of operating
solar project assets from Virgo Investment Group ("Virgo"). The
portfolio of community solar and large C+I projects spans seven
states, from California to
Rhode Island, and serves customers
such as hospitals, housing authorities, a community college, a
regulated utility and residential customers under long-term power
purchase agreements. The solar projects were placed into operation
between 2016 and 2019. Nautilus originally developed, financed and
managed the projects in partnership with Virgo and will continue to
operate them as part of Nautilus's own expanding portfolio under
ownership.
"Nautilus is delighted to be able to continue working with the
projects' customers, SREC purchasers, landowners and other project
counterparties. The acquisition of the Virgo Helios I portfolio
reinforces Nautilus's position as a long-term owner of solar
assets," said Laura Stern, co-CEO of
Nautilus Solar. "With its geographic diversity and mix of
customers, this portfolio is an excellent addition to our growing
base of projects under ownership."
Eli Aheto, Partner at Virgo
Investment Group, notes, "This sale of our Virgo Helios I portfolio
completes the 2019 sale of Nautilus Solar to Power Energy
Corporation. Our thesis when we were introduced to the Nautilus
team by Virgo Senior Advisor & Operating
Partner Perry Cole was that the community solar
market would provide a unique opportunity to own attractive
projects and drive substantial growth of the distributed generation
solar market. We have enjoyed a highly successful partnership with
the Nautilus team and are excited to see them scale their
leadership in the community solar market and bring low cost solar
energy to hundreds of thousands of additional consumers and
businesses."
The seller and buyer were advised and represented by Fifth
3rd Bank and Morrison & Foerster, and National Bank
Financial and Rath, Young and Pignatelli, respectively.
About Nautilus Solar Energy, LLC
Founded in 2006, Nautilus Solar Energy, LLC headquartered in
Summit, N.J., is a leading
national solar acquisition, development and asset management
company. Nautilus focuses on acquiring, developing, executing 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 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