Nautilus Solar Energy ("Nautilus") has acquired a 31.5 MW portfolio of operating solar project assets from Virgo Investment Group ("Virgo"). The portfolio of community solar and large C+I projects spans seven states, from California to Rhode Island, and serves customers such as hospitals, housing authorities, a community college, a regulated utility and residential customers under long-term power purchase agreements. The solar projects were placed into operation between 2016 and 2019. Nautilus originally developed, financed and managed the projects in partnership with Virgo and will continue to operate them as part of Nautilus's own expanding portfolio under ownership.
"Nautilus is delighted to be able to continue working with the projects' customers, SREC purchasers, landowners and other project counterparties. The acquisition of the Virgo Helios I portfolio reinforces Nautilus's position as a long-term owner of solar assets," said Laura Stern, co-CEO of Nautilus Solar. "With its geographic diversity and mix of customers, this portfolio is an excellent addition to our growing base of projects under ownership."
Eli Aheto, Partner at Virgo Investment Group, notes, "This sale of our Virgo Helios I portfolio completes the 2019 sale of Nautilus Solar to Power Energy Corporation. Our thesis when we were introduced to the Nautilus team by Virgo Senior Advisor & Operating Partner Perry Cole was that the community solar market would provide a unique opportunity to own attractive projects and drive substantial growth of the distributed generation solar market. We have enjoyed a highly successful partnership with the Nautilus team and are excited to see them scale their leadership in the community solar market and bring low cost solar energy to hundreds of thousands of additional consumers and businesses."
The seller and buyer were advised and represented by Fifth 3rd Bank and Morrison & Foerster, and National Bank Financial and Rath, Young and Pignatelli, respectively.
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