Nautilus Solar Energy, a solar project developer on behalf of its affiliate Nautilus US Power Holdco, 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.
The projects are in various phases of development across six New York counties. The first projects are expected to reach operation by the fourth quarter of 2023. Once completed, the community solar projects will provide an alternative energy option to New Yorkers within the National Grid and NYSEG electric utility territories.
“Cipriani is the ideal partner to co-develop these projects. As an international pioneer in renewable energy, they bring the expertise needed to expand community solar in the Empire State. This fortifies a long-term partnership among the two companies,” said Daniela Pangallo, Director of Business Development for Nautilus. “This acquisition exemplifies Nautilus’s commitment to working closely with our early-stage development partners and furthers our overall goal of becoming a leading provider of community solar across the country,” added Jeffrey Cheng, President of Nautilus.
“We are excited to collaborate with Nautilus as we undertake this journey towards achieving New York State’s renewable energy goals and bringing the benefits of community solar to all its residents,” added Lorenzo Cipriani, founder, and CEO of Cipriani Energy Group.
The community solar projects directly support New York’s Climate Leadership and Community Protection Act (Climate Act) which mandates the state to obtain 70 percent of its electricity from renewable sources by 2030.
Recently, Matrix Renewables, a renewable energy company, acquired a 4.6 GW portfolio of utility-scale solar projects across the central U.S. from SolarStone Partners. Matrix and SolarStone will jointly develop the 4.6 GW portfolio while exploring and originating additional opportunities across different markets in the U.S.
According to Mercom’s 1H and Q2 2022 report, 66 large-scale solar project acquisitions in Q2 2022 compared to 82 transactions in Q1 2022.
