Nautilus Solar Energy LLC has signed a deal to acquire a 54 MW portfolio of solar projects from Seaboard Solar Holdings LLC. The nine projects in the portfolio are located in New York and are expected to reach operation by the fourth quarter of 2023.
Once completed, the community solar projects will provide clean energy to power over 10,000 residential and commercial subscribers within the National Grid utility territory.
New York has become Nautilus’s largest community solar market, with approximately 200 MW in development and operation in the state. Company affiliate Nautilus US Power Holdco LLC (NUPH) is the long-term owner of the projects and Nautilus is responsible for overseeing construction, maintaining its long-term performance, and acquiring and managing customer subscriptions.
“We are proud of the creativity and flexibility of our Nautilus team in collaboration with our partner Seaboard to resolve the challenges and tight timing surrounding the acquisition of this portfolio,” said David Okuwobi, business development director at Nautilus. “This acquisition exemplifies Nautilus’s commitment to working closely with our development partners to accelerate clean energy, reduce carbon emissions and save our planet one day at a time.”
Seaboard president Shawn Brazo noted his company’s success in developing more than 200 MW of projects and its continued efforts “to build on our strong solar and battery storage success.”
The community solar portfolio directly supports New York’s Climate Leadership and Community Protection Act which mandates the state to obtain 70% of its electricity from renewable sources by 2030 and that the electric sector be emissions-free by 2040. The projects are also expected to create significant local construction jobs and generate missions in new property tax revenue and other community benefits over their operational life.
Community solar programs are one of the fastest growing sectors of the New York clean energy industry, providing locally produced, affordable clean energy. New Yorkers within the National Grid utility territory will be eligible to subscribe to this portfolio beginning mid-2023.
Tags: acquisition, Nautilus Solar Energy, Residential Solar, Seaboard Solar Holdings
