SUMMIT, N.J., June 3, 2020 /PRNewswire/ -- Nautilus Solar
Energy, LLC ("Nautilus"), a leading national owner-operator of
solar projects, announced the acquisition of a 10.4 MW community
solar portfolio from ReneSola Power ("ReneSola"), a leading
fully-integrated solar project developer and provider of
energy-efficient products. The portfolio is comprised of eight
single axis tracker solar installations, each commonly referred to
as a solar garden. Located in counties across the southern half of
Minnesota, they are designed to
produce enough energy to power over 1,450 homes.
Operating under Xcel's Solar*Rewards Community Program, which
allows customers to support solar energy without installing their
own solar system and Minnesota's
VOS community solar program, the solar gardens' subscriber base is
estimated to benefit from over $1.8M
in electricity savings during the lifespan of the project. The
sites are expected to be operational by Q1 of 2021.
Nautilus will be responsible for the project management,
long-term asset and subscriber management and maintenance services
for this portfolio. In addition to having developed the projects,
ReneSola will be responsible for securing the subscribers. The
energy generated by the projects will directly benefit qualified
commercial and residential off-takers situated within Xcel Energy's
service territory by providing energy cost savings while also
advancing Minnesota's 10 percent
solar energy goal by 2030.
"We are excited to be working with the Nautilus team. This
transaction once again demonstrates the project development
expertise of our team in Minneapolis," said John Ewen, CEO of ReneSola Power North America.
"Despite ongoing macro uncertainties, both Nautilus and ReneSola
teams successfully completed the transaction. Community solar
remains an attractive market for us in the U.S., and we look
forward to collaborating with Nautilus on other solar opportunities
in the near future," commented Yumin
Liu, Chief Executive Officer of ReneSola Power.
"With this acquisition, we are able to significantly expand our
subscriber presence in the Minnesota community solar marketplace to
service smaller commercial and even residential customers," said
Jim Rice, Co-CEO of Nautilus Solar.
"This successful transaction, being the fourth deal consummated
with the ReneSola team over the last 3 years, further exemplifies
Nautilus's long-term commitment to working closely with our
development partners," added Jeffrey
Cheng, President of Nautilus Solar.
About Nautilus Solar Energy, LLC
Nautilus Solar Energy, LLC ("Nautilus") is a leading
owner-operator of distributed generation and community solar
projects located throughout North
America. Over its 14-year history, the Nautilus team has
successfully developed, acquired, managed, and invested over
$1.2 billion of capital into solar
projects. Nautilus is wholly owned by Power Energy Corporation, a
subsidiary of Power Corporation of Canada (TSX:POW), a global diversified
management and holding company. Join Nautilus on LinkedIn, Facebook
and Twitter and/or visit www.nautilussolar.com for more
information.
About ReneSola Power
Founded in 2005, and listed on the New York Stock Exchange in
2008, ReneSola Power (NYSE: SOL) is an international leading brand
of solar project developer. Leveraging its global presence and
solid experience in the industry, ReneSola Power is well positioned
to develop green energy projects with attractive return around the
world. For more information, please visit
www.renesolapower.com.
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SOURCE Nautilus Solar Energy, LLC
