Nautilus Solar Energy, a community solar company, 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, are 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. Originally signed into law in September 2021, the program accelerates the adoption of community solar projects by removing existing barriers to participation and promulgating a requirement that reserves 15% of each project’s capacity for low-income customers.
Nautilus is the long-term owner of the projects and is responsible for overseeing construction, maintaining its long-term performance, and acquiring and managing customer subscriptions. Delmarva Power and Light (DPL) customers are eligible to join one of the projects through Nautilus with no upfront cost.
Once completed, the community solar projects will provide clean energy to more than 5,000 residential and small commercial subscribers within DPL’s utility territory. Over their lifetime, the projects are expected to generate approximately 50 million kWh annually, contributing to Delaware’s stated goals of providing economic growth, workforce opportunities, and 40 percent renewable energy by 2035.
“This acquisition marks our exciting entry into the Delaware market, a milestone made even more meaningful by our partnership with TPE. This initiative underlines Nautilus’s commitment to our partners and reaffirms our aim to be a leading community solar company with projects located across the country,” said Eric Paul, Vice President of Partner Development at Nautilus.
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.
Mytilineos, a Greek industrial conglomerate, recently signed a binding agreement to sell 211 MW of solar projects in Romania to Helleniq Energy, an oil and gas company, through its subsidiary, Helleniq Renewables.
