PNE Sells 240 MW Solar Project in South Africa

Nautilus Solar Energy, a New Jersey-based independent solar power producer, on behalf of its affiliate Nautilus US Power Holdco (NUPH) and Foss & Company, an institutional investment firm, entered into a $72 million tax equity partnership.

The investment will be used to fund a 62 MW portfolio of 16 solar projects in Maine, Minnesota, New York, and Maryland. This is the second partnership between the two companies.

“The collaboration with Foss & Company highlights the growing demand for community solar projects that offer an equitable and affordable renewable energy choice,” said Julian Erfurth, Executive Director of Capital Markets for Nautilus. “This partnership not only reinforces our commitment to advancing a cleaner, more resilient energy sector but also expands the reach of community solar across numerous U.S. markets.”

These projects are expected to be fully operational in 2024. NUPH is the long-term owner of the projects, with Nautilus Solar Energy responsible for overseeing construction, maintaining its long-term performance, and acquiring and managing customer subscriptions through its proprietary community solar subscriber management and acquisition platform.

“We’re thrilled to be partnering with Nautilus Solar Energy again on this significant community solar portfolio,” said Bryen Alperin, partner and managing director of renewable energy and sustainable technologies Foss & Company. “This marks our second successful deal with Nautilus, a leading force in community solar development. We extend our deepest gratitude to all involved for their hard work, dedication, and innovative spirit in bringing these projects to life and providing affordable, clean energy to communities across the country.”

According to Mercom’s recently released Q4 and Annual Funding and M&A report, large-scale project funding deals announced in 2023 came to $44.5 billion in 229 deals, of which 196 were disclosed.

Globeleq, an independent solar power producer, recently announced the completion of a $37 million senior debt restructuring for 11 MW of Aries Solar and 11 MW of Konkoonsies solar projects in the Northern Cape of South Africa.