Community solar company Nautilus Solar Energy (Nautilus) announced on behalf of its subsidiary Nautilus US Power Holdco (NUPH) that it has acquired a two-project 7.6 MW community solar portfolio from Maine-based renewable energy company National Renewable Solutions. (NRS).
Located in Presque Isle, these community solar projects are in the final stages of development and are expected to be operational in the third quarter of 2023. Once completed, the projects will provide an alternative energy option to Presque Isle and other commercial properties. -versant Power’s Maine Public District utility company customers in the area.
Notably, the transaction between the two parties overcame several challenges, including a tight timeline to accommodate weather restrictions for design and construction in northern Maine.
“We are very proud of our team for creatively, flexibly and proactively managing a fast-paced and complex operation. It was also a pleasure to partner with NRS as their expertise helped accelerate timelines and reduce development risks in this emerging solar market.” Nautilus said Daniela Pangallo, Director of Business Development. “This acquisition exemplifies Nautilus’ commitment to working closely with our development partners and expands our overall footprint as a leading community solar company in the United States,” added Nautilus CEO Jeffrey Cheng.
The projects are part of Maine’s Net Energy Billing (NEB) program, which allows customers to receive renewable energy benefits and cash credits at a set rate. Nautilus’ affiliate 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.
According to Nautilus, these solar projects can produce when fully operational more than 11 million kilowatt hours (kWh) per yearContributes to Maine’s goal of achieving 80% of its energy mix by 2030 and 100% clean energy by 2050.