Nautilus Solar Energy buys community solar portfolio from Borrego Solar

Community solar firm Nautilus Solar Energy bought a 17.2 MW
community solar portfolio from Borrego Solar Systems, the largest privately
owned developer, designer, installer and O&M provider of commercial and
utility-scale solar and energy storage projects.

In addition to developing the portfolio, Borrego Solar will
design, engineer, construct as well as maintain the systems. Nautilus will be
responsible for the project management as the long-term owner and operator of
the portfolio. Construction is targeted for completion during Q3 2020.

Comprised of three solar projects in Monroe and Saratoga
counties, the portfolio will produce enough safe, pollution-free, energy to
power 1,500 homes. The portfolio has also been awarded NYSERDA Megawatt Block
allocations and NY-SUN incentives.

“It has been a pleasure to forge this relationship with
Borrego Solar. We have been impressed with the level of expertise and
professionalism they’ve demonstrated throughout the acquisition process.”
said Jim Rice, CEO of Nautilus. “We’re particularly excited that this
project propels Nautilus’s community solar expansion into New York, and marks
part of the first wave of portfolio acquisitions since being acquired by Power
Energy Corporation,” added Jeffrey Cheng, President of Nautilus.

“We are proud to have worked with Nautilus on this
portfolio of solar projects to help New York move closer to achieving its goals
of building a clean, resilient, and affordable energy system by delivering
zero-carbon, pollution-free energy to more customers all over the state,”
said Joe Bowers, Director of New York Project Finance at Borrego Solar.
“We thank the Nautilus team for the collaboration and investment, which
has enabled further adoption of renewable energy and is helping to accelerate
New York’s transition to a clean energy economy. We’re thrilled to call
Nautilus one of key partners in this effort.”

Under the Community Solar model, qualified commercial and residential National Grid’s New York customers can become subscribers for a portion of the energy produced by a system, which show up in the form of credits on their utility bills. The popularity of the model with New York customers is evident in the fact that the commercial subscriber allocations are already full and there are a limited number of residential subscriptions available.

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