In a joint statement today, ReneSola Ltd (NYSE: SOL), a leading fully-integrated solar project developer and provider of energy-efficient products, and Nautilus Solar Energy, LLC, a leading national solar project acquisition, development and asset management company, 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.
About Renesola
Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand of solar project developer and operator. Leveraging its global presence and solid experience in the industry, ReneSola is well positioned to develop green energy projects with attractive return around the world. For more information, please visit www.renesolapower.com.
About Nautilus Solar Energy, LLC
Founded in 2006, Nautilus Solar Energy, is a leading national solar acquisition, development and asset management company headquartered in Summit, N.J. Nautilus focuses on developing, acquiring, executing and managing distributed and utility-scale generation solar projects. In over 10 years, Nautilus has invested in hundreds of MWs of solar projects and provides asset management services to distributed, community solar and utility projects throughout North America. Nautilus is minority owned by Virgo Investment Group, LLC. Join Nautilus Solar Energy on LinkedIn and Twitter and visit www.nautilussolar.com for more information.
