Nautilus Solar Energy acquires 13.3MW community solar portfolio in Minnesota
Nautilus Solar Energy, a solar project development and asset management company, has acquired an approximately 13.3MW community solar portfolio in Minnesota earlier developed by ReneSola, an integrated solar project developer and provider of energy-efficient products.
The community solar portfolio, which is qualified under Xcel Energy's community solar programme, is located in Minnesota solar marketplace.
This portfolio, which is expected to be developed through the remainder of 2017, will come online in the first quarter of 2018.
Following the finalisation of the transaction with ReneSola, the projects will be owned by an affiliate of Virgo Investment Group, which is a minority shareholder of Nautilus Solar Energy.
Through a full-service platform, Nautilus will offer development and long-term asset management services for the project.
The power provided by the portfolio will benefit local community off-takers located offsite.
ReneSola Power Holdings CEO Kevin Chen said: "The transaction demonstrates our strong execution in project development. We believe community solar to be an attractive market for us in the U.S.
"We look forward to continue working with the Nautilus team on other solar opportunities from our national development portfolio."
ReneSola Power Holdings is the US project development unit of ReneSola.
Nautilus Solar CEO Jim Rice said: "This deal continues the exciting growth strategy that we announced last year and expands our focus and capabilities to include community solar developments.
The purchase is a part of Nautilus's expansion strategy into newer solar markets across the country.
Nautilus Solar COO Jeffrey Cheng said: "This transaction exemplifies how Nautilus is able to work closely together with experienced developers to provide superior results and in a timely fashion. We are excited to be continuing to work with ReneSola's development team."