In a commitment with a Credit Suisse affiliate, Nautilus Solar Energy, LLC, has closed on community solar financing to fund future projects. The $95 million tax equity commitment will allow the nation’s leading operator of community solar to finance 14 different facilities spread across Rhode Island, New York, Minnesota, and Maryland. According to the developer, the 14 projects will amount to around 55-megawatts.
Though funding was received late in 2020, Nautilus expects that the community solar financing came in time to make the facilities operational before the close of 2020. Co-CEO of Nautilus, Laura E. Stern, states that Credit Suisse approved the innovative financing, directly impacting Nautilus’ future growth. Collaborations like this allow the developer to expand its reach and build upon current community solar markets. Stern confirmed that Credit Suisse is a proponent of solar development and the company worked hard to structure a financing deal that worked for both parties.
The 14 community solar facilities are being added to Nautilus’ already sizable portfolio. For 14 years, the company has been developing and managing facilities across the nation. It currently has an interest in over $1.2 billion of capital in solar projects alone. Power Energy Corporation, a subsidiary of Power Corporation of Canada, owns Nautilus.
Though these facilities are a big achievement for Nautilus, the year has been met with many successes for the company. In Sept. 2020, Nautilus acquired a 17-megawatt portfolio from Pine Gate Renewables and acquired its first solar facility in Oregon. Earlier in the year, the company also moved into Maryland with a 15.1-megawatt community solar facility obtained from SGC Power.
The transaction with Nautilus is Credit Suisse’s first in the community solar industry. It worked with Marathon Capital, LLC, Nautilus’ financial advisor, to close the deal and approve the community solar financing.