Nautilus, a New Jersey-based independent solar power producer, on behalf of its affiliate Nautilus U.S. Power Holdco, announced the acquisition of a 75.6 MW community solar portfolio consisting of 16 projects.
All the projects across Illinois are expected to be operational between 2025 and 2027.
The projects are expected to generate clean energy to serve the energy needs of around 10,000 homes and commercial businesses.
“This acquisition marks a significant commitment to the Illinois market and is a pivotal step towards expanding Nautilus’s overall footprint in the Midwest. The scale of this acquisition underlines Nautilus’s capabilities and reaffirms our position as a leading community solar company with projects and subscribers located across the country,” said Jeff Lee, Business Development Director at Nautilus.
Community solar programs are one of the fastest-growing sectors of the renewable energy industry, providing locally produced, affordable, clean energy to residents and businesses.
The newly acquired portfolio of projects by Nautilus is qualified under Illinois’ community solar program and is expected to support the state’s renewable energy goal of 40% by 2030 and 50% by 2040.
“Illinois’ ambitious renewable energy targets are a testament to its commitment to environment and energy equity. At Nautilus, we are proud to lead this transition,” added Eric Paul, Vice President of Partner Development. “Our focus is not just on producing clean energy but ensuring that the benefits, particularly the cost savings, reach every Illinoisan, especially those from low-to-moderate income backgrounds and historically disadvantaged communities.”
In September 2023, the company acquired 25 MW of two community solar projects in New York from Cipriani Energy Group Corporation, a renewable energy project developer. The two companies will co-develop eight community solar projects totaling 25 MW.
According to Mercom’s 9M and Q3 2023 Solar Funding and M&A Report, in the first nine months (9M) of 2023, there were 166 project acquisitions for 31.6 GW compared to 207 projects for 52.1 GW in 9M 2022.