SUMMIT, N.J., Sept. 22, 2020 /PRNewswire/ -- Nautilus Solar Energy, LLC ("Nautilus"), a leading national solar project acquisition, development and asset management company, announced the acquisition of two solar portfolios in Oregon and Rhode Island totaling approximately 17 MW from Pine Gate Renewables, a leading solar energy developer in the United States specializing in utility-scale solar projects. Both developments are in the early-to-mid stages. Nautilus will take each portfolio to completion and be responsible for the long-term asset management and maintenance services for the projects.
The 14 MW Oregon portfolio, comprising five developments located across four counties in Western Oregon, marks Nautilus's first move into the state. The energy generated by the projects will directly benefit qualified residential off-takers situated within Portland General Electric (PGE) and Pacific Power service territories by providing energy cost savings while also advancing Oregon's overall community solar and renewable goals. One site, located in Clackamas County, has already received early capacity allocation in the initial round of the new Oregon Community Solar Program, and is projected to be operational in late 2021.
The 3 MW development site in Rhode Island is located in Providence County and will produce enough energy to power the equivalent of 680 households within the National Grid service territory. The project is expected to be placed in service during 2022. The acquisition of this site furthers Nautilus's commitment to clean energy in Rhode Island and increases the company's solar portfolio in the state to over 34 MW.
"With these acquisitions, we significantly expand our renewable energy presence in Oregon and Rhode Island," said Jim Rice, Co-Founder and Co-CEO of Nautilus Solar. "This deal exemplifies Nautilus's commitment to working closely with our early stage development partners and becoming a leading acquirer of solar portfolios across the country," added Jeffrey Cheng, President of Nautilus Solar.
"We're happy that Nautilus Solar is acquiring these projects to provide more renewable energy to Oregon and Rhode Island," said Patty Wright, VP of Development for Pine Gate Renewables. "We work with landowners and developers at all stages of a project's lifecycle to create long-term asset value."
On September 15, 2020, Nautilus announced the co-development of a 13 MW portfolio in Colorado with Pivot Energy, marking its first collaboration with the company and its first entry into the state. Now with its continued expansion in Rhode Island and added presence in Oregon and Colorado, Nautilus owns and operates solar projects in eleven states throughout the country.
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 Pine Gate Renewables
Pine Gate Renewables is a fully-integrated utility-scale solar development company headquartered in Asheville, NC. As a leader in the industry, Pine Gate focuses on forging partnerships to expand its renewable energy footprint nationwide. Its mission is to provide renewable power for local communities across the country through project development, financing, construction and environmental preservation. Named #6 on Inc. 500's list of "Fastest Growing Energy Companies" in 2018, Pine Gate Renewables is blazing a trail to "Get Solar Done." For more information, visit www.pgrenewables.com.
SOURCE Nautilus Solar Energy, LLC