The community solar specialist expands its footprint into the Midwest with the acquisition of this 75.6 MW portfolio.
Nautilus Solar Energy LLC has acquired a 75.6 MW portfolio consisting of 16 community solar projects in Illinois, a state that holds a healthy mix residential, commercial, and community solar installations.
The projects are located throughout Illinois and are projected to achieve operation between 2025 and 2027.
“This acquisition marks a significant commitment to the Illinois market and is a pivotal step towards expanding Nautilus’s overall footprint in the Midwest. The scale of this acquisition underlines Nautilus’s capabilities and reaffirms our position as a leading community solar company with projects and subscribers located across the country,” said Jeff Lee, business development director at Nautilus.
The portfolio of projects is qualified under the Illinois Shines program, also known as the Adjustable Block Program, which created renewable energy certificate incentives with 25% going toward the development of community solar with benefits also being extended to subscribers. The program aims to deploy 400 MW of community solar projects by 2030.
The nearly 76 MW portfolio is expected to generate enough clean energy to serve the needs of approximately 10,000 homes and commercial businesses. Nautilus is overseeing construction, will be the long-term owner and will be responsible for acquiring and managing customer subscriptions. Nautilus reports that the projects will enable Ameren and ComEd customers to save on their electric bills. In addition, the portfolio supports the state’s ambitious Climate and Equitable Jobs Act, which requires 100% carbon-free energy by 2045.
“Illinois’ ambitious renewable energy targets are a testament to its commitment to environment and energy equity. At Nautilus, we are proud to lead this transition,” added Eric Paul, vice president of Partner Development. “Our focus is not just on producing clean energy but ensuring that the benefits, particularly the cost savings, reach every Illinoisan, especially those from low-to-moderate income backgrounds and historically disadvantaged communities.”
Nautilus Solar, owned by Power Sustainable, a wholly owned subsidiary of Power Corporation of Canada, operates and manages solar farms in 10 states and is known for its portfolio acquisitions in leading markets. For example, Nautilus acquired up to twelve community solar projects in Minnesota totaling 16.8 MW. It acquired two community solar portfolios totaling 26.2 MW in Maine from BNRG Maine LLC. The company reached an agreement to acquire a nine-project portfolio with 54 MW of community solar assets in New York from Seaboard Solar. And it acquired two community solar portfolios in Maryland totaling 23 MW, comprised of six projects spread across the state. The Illinois acquisition marks its entry into the Midwest.
