Nautilus Solar Energy, a US community solar company, has inked a tax equity deal worth $72 million with Foss & Company, an institutional investment management firm, for a 62MW solar portfolio. This portfolio comprises 16 projects spanning across Maine, Minnesota, New York, and Maryland, with the aim of supplying alternative energy to the Northeast and Midwest regions of the US.
Anticipated to be fully operational in 2024, Nautilus US Power Holdco will assume long-term ownership, while Nautilus Solar Energy will oversee construction, maintain performance, and manage customer subscriptions using its community solar subscriber management platform.
The recent deal marks the second collaboration between Nautilus Solar Energy and Foss & Company, following a previous agreement in January 2023 covering over 44MWdc of projects in Maine, Minnesota, and Maryland. Julian Erfurth, Executive Director of Capital Markets for Nautilus, emphasized the increasing demand for community solar projects providing an equitable and affordable renewable energy choice.
Earlier this month, Nautilus expanded its portfolio by acquiring 16 community solar projects in Illinois, totaling 75.6MW in capacity and set to become operational between 2025 and 2027. This strategic move is expected to bolster Nautilus's presence in the community solar sector, particularly in rapidly growing midwestern markets. The company's proactive approach aligns with the broader industry trend towards sustainable energy solutions.