Nautilus Solar Energy, a U.S.-based community solar provider, announced the closing of a $275 million long-term debt facility, the company’s largest single debt transaction to date.
The facility will support over 25 community solar projects spread across five states in the U.S., including Illinois, Maryland, Delaware, New York, and Rhode Island, which are expected to start operation over the next year.
Together, these solar projects are estimated to add more than 130 MW of capacity to local grids, and increase the company’s total operating and managed portfolio to 700 MW.
Nautilus secured the financing with three new lenders, including MUFG, SMBC, and Apterra Infrastructure Capital.
Sheppard Mullin served as the legal counsel for Nautilus, while Milbank acted as the legal counsel for the lending parties on the transaction.
“This is the largest single debt-raising effort in Nautilus’s history, and the first time we’ve brought on a completely new group of lending partners all at one time,” said Camelia Miu, Chief Financial Officer of Nautilus Solar Energy. “Securing a $275 million commitment in today’s challenging debt market demonstrates the strength of our business and the confidence well-respected financial institutions have in our model. Most importantly, this capital accelerates our ability to deliver more community solar projects that expand access to the benefits of clean energy.”
This year in February, Nautilus acquired community solar projects totaling about 11 MWdc in Illinois from Renewable Properties, a utility-scale solar and energy storage project developer.
Previously, in 2024, the company entered into a $72 million tax equity partnership to fund a 62 MW portfolio of 16 solar projects in Maine, Minnesota, New York, and Maryland. Furthermore, Nautilus acquired a 12.7 MW portfolio of community solar projects in New York from SolAmerica Energy.
According to Mercom’s 1H and Q2 2025 Solar Funding and M&A report, large-scale project funding increased by 65% in the first half of 2025 compared to the same period in 2024.
