Nautilus Solar Energy, an owner-operator of distributed generation and community solar projects located throughout North America, on behalf of its affiliate Nautilus US Power Holdco, closed a $58 million tax equity commitment with US Bancorp Community Development Corporation (USBCDC), a subsidiary of US Bank.
USBCDC will provide tax equity financing to 14 community solar projects across Colorado, Maine, and New York, totaling 68 MW of installed solar capacity. The projects are expected to provide clean energy to around 6,600 residential homeowners and renters, local businesses, non-profit organizations, and corporate customers. All the projects are expected to be operational in 2022.
The transaction is the first community solar portfolio financing between US Bank and Nautilus. Marathon Capital acted as a financial advisor for this deal.
The 7.3 MW Farmingdale, ME community solar project is one of 14 projects owned and operated by Nautilus Solar Energy to be financed through a $58 million tax equity commitment with US Bank.
“This transaction allows us to unlock the full value of these projects, expanding access to clean, low-cost electricity for small businesses and households,” said Camelia Miu, Chief Financial Officer of Nautilus Solar Energy.
“Solar investments like this are a tangible way US Bank can be a responsible steward of the environment and combat climate change while creating jobs and positively impacting local communities,” said Justin Baker, vice president of USBCDC’s Environmental Finance team.
Recently, Infiniti Energy, an independent solar power producer providing EPC and long-term financing, announced the closing of up to an $87 million tax equity facility and a $30 million construction revolver facility to support an expanding portfolio of commercial solar projects in the U.S.
According to Mercom’s Q1 2022 Solar Funding and M&A report, announced large-scale project funding in Q1 2022 came to $9.1 billion, a 27% increase compared to $7.1 billion in Q4 2021.