Acquisition Expands Nautilus’s Commitment to the Maine Renewable Energy Market
SUMMIT, N.J., March 11, 2021 /PRNewswire/ — Nautilus Solar Energy, LLC (“Nautilus”), a leading owner-operator of solar projects focused on community solar markets located throughout the United States, announced the acquisition of eight community solar projects in Maine totaling 47.2 MWdc from ISM Solar Development, LLC (“ISM”), a developer of large commercial and utility scale solar projects. The projects, located in Cumberland, Knox, Oxford and York counties are expected to start construction in Q3 2021. Once completed, these projects will provide a clean energy option to almost 10,000 households within the Central Maine Power (“CMP”) electric utility territory.
These projects are part of Maine’s Net Energy Billing program, which was amended in June 2019 by Governor Mills to provide renewable energy benefits and reduced costs for its residential customers. Nautilus is the long-term owner of the projects and is also responsible for acquiring and managing customer subscriptions. Any residential CMP utility customer is eligible to subscribe to the projects through Nautilus with no upfront cost, no long-term commitment and no cancellation fees.
When fully operational the projects are expected to generate nearly 70 million kilowatt hours (kWhs) annually, contributing to Maine’s goals of providing economic growth, workforce opportunities, and relying on 80 percent clean energy by 2030 and 100% by 2050.
This is the third transaction between Nautilus and ISM, demonstrating the strong partnership established between the two organizations. With the successful completion of two operational projects in Rhode Island, including Burrillville, the longest running residential community solar project in the state, Nautilus and ISM have demonstrated success working together in the community solar marketplace.
“This acquisition significantly expands our renewable energy presence in Maine, and symbolizes Nautilus’s pledge to provide equitable, affordable access to community solar for all Mainers,” said Jim Rice, co-Founder and co-CEO of Nautilus Solar. “This deal exemplifies Nautilus’s commitment to working closely with our early stage development partners and to become a leading acquirer of solar portfolios across the country,” added Jeffrey Cheng, President of Nautilus Solar.
“My family has lived on Thompson Lake for over 25 years and we have an office in Poland. With local ties and a vested interest in Maine, we’re particularly proud to play a role in bringing community solar to our neighbors,” said Greg Lucini, CEO of ISM Solar. “It was a pleasure to work with local landowners, town officials, Maine DEP, and CMP in developing these projects.”
Community solar is one of the fastest growing sectors of the Maine clean energy industry. Community solar provides locally produced, affordable clean energy without any rooftop panels to install or upfront fees. Anyone who pays an electric bill can subscribe to a solar project in their area, helping to build stronger communities, fight climate change, and save on their electricity bill.
Additionally, these community solar projects will provide the following benefits:
Support to Maine’s economy through a commitment to working with local engineering, construction, professional services and related Maine-based firms.
Provide thousands of residents with an equitable and affordable renewable energy choice.
The creation of over 100 projected construction and ongoing operations and maintenance jobs.
Environmental equivalent of planting over 800,000 trees or taking over 10,000 cars off the road for the year, curbing greenhouse gas emissions and slowing harmful effect of climate change (source: https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator).
This announcement follows Nautilus’s acquisition of 19.2MWdc community solar portfolio in Maine from Walden Renewables Development LLC in January 2021.
Subscriptions to these projects are limited. Anyone interested in subscribing can now sign up at https://nautilussolar.com/community-solar/
About Nautilus Solar Energy, LLC
Nautilus Solar Energy, LLC is a leading owner-operator of solar projects focused on large industrial and community solar markets located throughout the United States. A pioneer in solar energy since 2006, Nautilus is committed to creating a clean, sustainable future by offering an equitable and affordable renewable energy choice. Through its Community Solar initiative, Nautilus is making solar energy available to a broader marketplace, including low to middle income (LMI) households and unrated businesses that wish to reduce their carbon footprint and utility bills.
Nautilus is wholly-owned by Power Sustainable, a global multi-platform alternative asset manager with a long-term investment approach focused on sustainable strategies. Nautilus owns solar projects throughout their entire lifecycle enabling Nautilus, along with entrusted local partners, to fulfill its promise of creating a better world by powering communities with clean energy for the long term.
About ISM Solar Development, LLC
ISM Solar Development, LLC builds solar farms that deliver clean energy savings to communities and public and private users throughout the country. Its mission is to Bring Land to Light – repurposing underutilized and compromised space, including landfills, brownfields, gravel pits, and other industrial sites in pursuit of a sustainable energy economy. ISM Solar Development can be found online at www.ismsolardev.com.