Project Finance brief

Nautilus Solar Energy (Nautilus), on behalf of its affiliate Nautilus US Power Holdco, has acquired a 12.7 MW portfolio of community solar projects in New York from SoIAmercia Energy. Both solar projects are expected to be fully operational in 2024.

Once completed, the community solar projects are expected to provide clean energy to power over 1,800 residential subscribers within the National Grid utility territory.

“The acquisition of this portfolio from SolAmerica demonstrates our dedication to working closely with our development partners to achieve the best possible outcome and advancing clean energy goals for New York State. The thorough diligence, speed of execution, and collaborative efforts on this deal exemplify why our development partners choose to transact with us and contribute to a more sustainable future,” said David Okuwobi, Business Development Director at Nautilus.

Tony Yonnone, Senior Vice President at SolAmerica stated, “The Town of Canton and the St. Lawrence County IDA have been integral to the success of these projects, and we can’t thank them enough for their support throughout the development process. Trusted industry colleagues and partners are indispensable, though, and Nautilus is one of the best. SolAmerica has genuinely enjoyed working with the Nautilus team to make these projects a reality. We’re excited to see them completed, commissioned, and generating renewable energy to help power the promise of a sustainable future.”

According to Mercom’s Annual and Q4 2023, Solar Funding and M&A report shows 231 large-scale solar project acquisitions in 2023 compared to 268 acquisitions in 2022. In 2023, almost 45.4 GW of solar projects were acquired 2023, compared to 66 GW in 2022, a 31% decline YoY.

Grenergy, an independent solar and wind power producer, announced the sale of 97 MW of solar assets located in the department of Arequipa in Peru to Yinson Renewables, the renewables unit of the multinational energy infrastructure company Yinson, and 77 MW of wind assets in Peru to ENGIE Energía Perú.