SUMMIT, N.J., July 16, 2013 /PRNewswire/ -- Nautilus Solar Energy ("Nautilus Solar"), a leading independent solar power producer, has closed the acquisition of the Oxnard Plaza Apartment solar project in North Hollywood, LA on behalf of one of its investment partners. Nautilus will provide the operations management for the project as part of its current portfolio of over 96 MW of solar projects. The power produced by the system will be sold for the next 20 years to the Los Angeles Department of Water and Power under their Clean L.A. Solar program.
This project is the first completed under the Clean L.A. Solar program, which is a 150 MW program over the next few years. "LADWP and the City of Los Angeles have shown great leadership by developing this unprecedented program which is the largest of its kind in the United States. Solar Provider Group did an outstanding job developing and constructing the project which had many first milestones to manage. We look forward to expanding our relationship with Solar Provider Group and further investing in LA's Clean L.A. Solar program to help LADWP meet its renewable energy goals and bring jobs and economic development to the City," said James Rice, Nautilus Solar's CEO, "We are working with a number of local businesses to prepare for the round two bid process and are looking for other partners and investment opportunities in the program."
About Nautilus Solar Energy
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 and has projects in NJ, CT, MD, CA, FL and Canada, with approximately 96 MW owned and managed. Nautilus Solar is majority-owned by an investment affiliate of Starwood Energy Group Global, LLC, based in Greenwich, Connecticut.
For more information, visit our website at www.nautilussolar.com.
SOURCE Nautilus Solar Energy, LLC