Nautilus Solar Energy, a community solar company on behalf of its affiliate subsidiary Nautilus U.S. Power Holdco (NPUH), announced the acquisition of two community solar portfolios in Maryland totaling 23 MW. These portfolios consist of six solar projects spread across the state and are expected to be operational by 2024.
Nautilus already owns and manages nearly 90 MW of operational and late-stage development projects in Maryland. NUPH is the long-term owner of the projects, and Nautilus is responsible for overseeing construction, maintaining its long-term performance, and acquiring and managing customer subscriptions.
“Maryland’s ambitious renewable energy targets are a testament to its commitment to the environment and energy equity. At Nautilus, we are proud to lead this transition,” stated Eric Paul, Vice President of Partner Development at Nautilus. “Our focus is not just on producing clean energy but ensuring that the benefits, particularly the cost savings, reach every Marylander, especially those from low-to-moderate income backgrounds and historically disadvantaged communities.”
Nautilus Solar Energy recently acquired a 28.7 MW portfolio of six community solar projects in Delaware from TurningPoint Energy (TPE). The projects, located in Kent, New Castle, and Sussex Counties, were in the late stages of development and are expected to start construction in 2024. The six projects were developed by TPE as part of Delaware’s community solar program.
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, in 1H 2023, there were 116 project acquisitions for 25.5 GW of solar projects compared to 148 project acquisitions totaling 37.8 GW in 1H 2022.
Matrix Renewables, the TPG Rise-backed renewable energy platform, recently acquired a controlling interest in the 261 MW Pleasant Valley Solar Project from rPlus Energies in Idaho. Construction of the project is expected to commence in Q3 2023. Upon completion, the project will deliver energy to the Idaho Power system and also contribute to Meta’s goal to support 100% of its operations with renewable energy.
