ReneSola Ltd and Nautilus Solar Energy, LLC announced Nautilus's acquisition of a second 13.3 MW community solar portfolio developed by ReneSola. Similar to the initial acquisition announced last year between the parties, this community solar portfolio also qualified under Xcel Energy's rapidly expanding community solar program in Minnesota. The portfolio is expected to be built through the remainder of 2018, coming online during Q1 2019.
Nautilus, through its full-service platform, provided early-stage development capital and will be responsible for long-term asset management services and maintenance for the projects. The projects will be owned by an affiliate of Virgo Investment Group, which is also a minority shareholder of Nautilus Solar Energy. The energy provided by the portfolio directly benefits local community off-takers located offsite by providing energy cost savings while also advancing subscriber's sustainability goals.
"This successful transaction further demonstrates the strong project development and subscription sales capabilities of our Minneapolis-based community solar team," remarked Hal Galvin, General Manager, U.S. Midwest Region of ReneSola Power Holdings, the U.S. project development arm of ReneSola. "Our prior successful experience transacting with the Nautilus team gave us confidence in their transaction execution capabilities and their expertise in community solar," added Doran Hole, CEO, North America and Group VP – Strategy of ReneSola.
"This deal exemplifies Nautilus's commitment to working closely with our partners and becoming a leading acquirer of community solar portfolios," said Jim Rice, CEO of Nautilus Solar. "We appreciate that Renesola trusted Nautilus to both provide them with early-stage development capital and to execute the community solar acquisition. We look forward to continuing to work closely with Renesola's development team," added Jeffrey Cheng, COO of Nautilus Solar.
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