Community solar company Nautilus Solar Energy (Nautilus), on behalf of its affiliate Nautilus U.S. Power Holdco (NUPH), announced the acquisition of a 7.6-MW community solar portfolio of two projects in the U.S. state of Maine from renewable energy company National Renewable Solutions (NRS).
Located in the City of Presque Isle, these community solar projects are in the late stage of development and are expected to reach operation by the third quarter of 2023. Once completed, the projects will provide an alternative energy option to Presque Isle and other commercial off-takers within utility company Versant Power's Maine Public District utility territory.
It's worth noting that the transaction between the two parties overcame several challenges, including a stringent timeline to accommodate weather constraints for designing and building in northern Maine.
"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 U.S.," added Jeffrey Cheng, CEO of Nautilus.
The projects are part of Maine's Net Energy Billing program (NEB), which allows customers to receive renewable energy benefits and a monetary bill credit at a prescribed rate. Nautilus's 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, when in full operation, these solar projects can generate over 11 million kilowatt hours (kWh) annually, contributing to Maine's goal of reaching 80% clean energy in its energy mix by 2030 and 100% by 2050.