SUMMIT, N.J., July 19 /PRNewswire/ -- Nautilus Solar Energy, LLC ("Nautilus Solar") today announced the expansion of operations in Ontario, Canada with the formation of Nautilus Solar Canada Limited Partnership ("Nautilus Solar Canada LP"). Nautilus Solar Canada LP has an initial portfolio of 2.75MW AC of rooftop projects under contract from the Ontario Power Authority ("OPA"). Nautilus Solar CEO James M. Rice said, "We are pleased to move forward with the construction and financing of our first rooftop projects in Ontario, and look forward to replicating the success we have achieved in the United States."
Nautilus Solar is partnering with Bright Power Inc. ("Bright Power"), an Ontario-based solar developer. Bright Power's management team has operated multi-national alternative energy business units for Fortune 500 companies and developed power and alternative energy projects with some of the largest utility organizations in the world. Bright Power and Nautilus Solar are in a partnership to develop and finance 10MW of rooftop solar projects in Ontario in 2010.
"Nautilus Solar is very excited about the opportunity to enter into the Canadian solar market. Ontario's rooftop solar market is poised to grow rapidly in the coming years under the Feed-In-Tariff ("FIT") program. Nautilus Solar looks forward to greatly expanding our current rooftop activity in Canada, working closely with local communities to create green jobs, reducing electrical power generation's carbon footprint in Ontario, and providing local real-estate property owners with cash flow from property leases," said Nautilus Solar CEO James M. Rice.
"We view our relationship with Nautilus Solar as an excellent opportunity to leverage Nautilus's experience in building and managing rooftop solar projects in the United States," said Bright Power Managing Partner Andrew Knapp. "Coupled with Bright Power's local FIT program expertise and extensive relationships with commercial building owners in Ontario, we look forward to our partnership becoming a leader in the Ontario solar industry."
About Nautilus Solar Energy, LLC:
Founded in 2006, Nautilus Solar is a leading independent solar power producer headquartered in Summit, New Jersey. Nautilus Solar develops, constructs, finances, owns and operates distributed generation and utility-scale solar electric systems. The company sells its generated electricity through long term power purchase agreements. Nautilus Solar is majority-owned by an investment affiliate of Starwood Energy Group Global, LLC, based in Greenwich, Connecticut.
Nautilus Solar was named a winner of the NJ BPU Clean Energy Award, as Trade Ally of the Year in 2009. Nautilus Solar is in the process of completing the largest solar energy facility at a university in the U.S. with the commissioning of the 3.5MW solar facility at William Paterson University in Wayne, New Jersey. For more information, please visit the website at www.nautilussolar.com.
About Bright Power Inc.
Bright Power is an Ontario based solar developer founded in the summer of 2009. Bright Power has developed a pipeline of commercial and industrial buildings in Northern and Southwestern Ontario, with the intent to build a 10MW portfolio of rooftop photovoltaic projects in 2010. The company has entered into six Feed-In Tariff contracts with the Ontario Power Authority, agreeing to sell its generated electricity to the province through a 20-year power purchase agreement. For more information, visit www.brightpower.ca.
Property owners with rooftops in the Province of Ontario, Canada, who are interested in exploring options to lease their property, please contact:
SOURCE Nautilus Solar Energy, LLC