Project Finance Brief: Sol Systems Acquires 190 MW Solar Project in Texas

Nautilus Solar Energy, a solar project acquisition, development, and asset management company, on behalf of its affiliate Nautilus US Power Holdco, acquired 7.6 MW of community solar portfolio of two projects in Maine from National Renewable Solutions, a renewable energy company.

The projects are located in Presque Isle, Aroostook County, and are currently in the late stages of development and expected to reach commercial operation by the third quarter of 2023. Once completed, the solar projects will provide an alternative energy option to the City of Presque Isle and other commercial off-takers within Versant Power’s Maine Public District utility territory.

The projects are part of the Maine Net Energy Billing Commercial program (NEB Tariff), allowing customers to receive renewable energy benefits and a monetary bill credit at a prescribed rate. When fully operational, the projects are expected to generate over 11 million kilowatt hours annually, contributing to Maine’s goals of providing economic growth and workforce opportunities, and relying on 80% clean energy by 2030 and 100% clean energy by 2050.

“We are very proud of our team for managing a quick and complex transaction in a creative, flexible, and proactive way. It was also a pleasure to partner with NRS as their expertise helped expedite timelines and reduce development risks in this emerging solar market,” said Daniela Pangallo, Business Development Director at Nautilus. “This acquisition exemplifies Nautilus’s commitment to working closely with our development partners and expands our overall footprint as a leading Community Solar company in the US,” added Jeffrey Cheng, CEO of Nautilus.

In June this year, Nautilus Solar Energy, through its subsidiary Nautilus U.S. Power Holdco, 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.

According to Mercom’s 9M and Q3 2022 Solar Funding and M&A Report, in 9M 2022, there were 207 project acquisitions for 52 GW compared to 200 projects acquired for 55.5 GW in 9M 2021. Harrison Street, an investment management firm, recently bought a 28 MW solar project from Soltage, a solar project developer and independent power producer. The solar project is in Warren County, Ohio, on land owned by the Cincinnati Zoo in the PJM power market.