Nautilus, a New Jersey-based independent solar power producer, on behalf of its affiliate Nautilus U.S. Power Holdco announced the acquisition of 54 MW of solar projects from Seaboard, a utility-scale solar project developer.
The portfolio includes nine community solar projects in New York, which are expected to reach commercial operation by the fourth quarter of 2023.
Once completed, the projects would provide clean energy to over 10,000 residential and commercial subscribers within the National Grid utility territory.
The acquisition is expected to help expand Nautilus’ overall footprint as a leading Community Solar company in the U.S. The company currently has 200 MW of solar projects in development and operation.
“This acquisition exemplifies Nautilus’s commitment to working closely with our development partners to accelerate clean energy, reduce carbon emissions, and save our planet one day at a time,” said David Okuwobi, Business Development Director at Nautilus.
In September 2022, Nautilus Solar Energy had 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 and are in various phases of development across six New York counties.
In June 2022, the company acquired two community solar portfolios with five projects totaling 26.2 MW in Maine from BNRG Maine, a joint venture between BNRG Renewables and Dirigo Solar. The projects are in various stages of development and spread across Cumberland, Kennebec, and Penobscot counties and are expected to reach commercial operation by the third quarter of 2022.
According to Mercom’s 9M and Q3 Solar Funding and M&A Report, in the first nine months of 2022, there were 207 project acquisitions totaling 52.1 GW, compared to 200 project acquisitions totaling 55.5 GW in the same period of last year.