The portfolio consists of 16 projects across Maine, Minnesota, New York, and Maryland. Image: Nautilus Solar Energy
US community solar company Nautilus Solar Energy has signed a US$72 million tax equity deal with institutional investment management firm Foss & Company for a 62MW solar portfolio.
The portfolio consists of 16 projects across the US states of Maine, Minnesota, New York, and Maryland, aiming to provide alternative energy to the Northeast and Midwest regions of the US and are expected to be fully operational in 2024.
In future, Nautilus US Power Holdco will be 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 community solar subscriber management and acquisition platform.
Nautilus Solar Energy signed the deal on behalf of its affiliate and community solar company Nautilus US Power Holdco. The tax equity deal was the second between both companies, with the first one signed in January 2023 for over 44MWdc of projects in Maine, Minnesota, and Maryland.
“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.
Earlier this month, Nautilus acquired a portfolio of 16 community solar projects with a combined capacity of 75.6MW in Illinois. The projects will be operational between 2025 and 2027.
The company said the acquisition could strengthen its presence in community solar, particularly its rapid growth in existing and new midwestern markets.