SUMMIT, N.J., Oct. 2, 2018 /PRNewswire/ -- Nautilus Solar Energy, LLC ("Nautilus"), a leading national solar project acquisition, development and asset management company, today announced its acquisition of a 6.6 MW community solar development portfolio from co-developers Summit Ridge Energy, LLC ("Summit Ridge"), a developer and financier of community solar plants across the United States, and SynerGen Solar ("SynerGen"). Comprised of four separate projects co-located on the same landfill in Prince George's County, this project is believed to be one of the largest all residential community solar projects developed to date and is qualified under Maryland's community solar pilot program in the Pepco service territory. The portfolio is expected to be completed by year-end and energized in early 2019.
Utilizing its full-service platform, Nautilus will be responsible for the project management, long-term asset management and maintenance services for these projects. The projects will be owned by an affiliate of Virgo Investment Group, which is also a minority shareholder of Nautilus Solar Energy. The energy generated by the projects will directly benefit qualified residential off-takers who are situated within Pepco Maryland's service territory. This will provide energy cost savings while also advancing Maryland's overall renewable energy goals. A limited number of residential subscriptions to the system are currently available through a partnership with Neighborhood Sun (http://nsunsolar.com/pepco).
"We are pleased to have worked with the Nautilus team and our co-development partner SynerGen Solar on this marquee community solar portfolio," said Steve Raeder, CEO of Summit Ridge Energy. "Because of our deep expertise in community solar, we were willing to invest in these projects early in SynerGen's development process. Receiving a commitment from a reliable partner like Nautilus Solar well in advance of NTP strengthened our willingness," he added.
"We were thrilled to work with our co-development partner Summit Ridge Energy on this landmark community solar portfolio on a unique brownfield site," said Hillel Halberstam, CEO of SynerGen Solar. "The portfolio reclaims an otherwise unusable landfill site, utilizing it for the benefit of the county and its residents, as well as all other Pepco ratepayers in Maryland," he added.
"The Summit Ridge and SynerGen teams demonstrated considerable expertise and professionalism that was needed for this complex transaction to succeed," said Jim Rice, CEO of Nautilus Solar. "We are excited about expanding into Maryland's community solar marketplace, which furthers our goal of becoming a leading community solar project owner with expertise in the most active community solar markets across the U.S.," added Jeffrey Cheng, COO of Nautilus Solar.
About Nautilus Solar Energy, LLC
Founded in 2006, Nautilus Solar Energy is a leading national solar acquisition, development and asset management company headquartered in Summit, N.J. Nautilus focuses on acquiring, developing, executing and managing distributed and utility-scale generation solar projects. In over 10 years, Nautilus has invested in hundreds of MWs of solar projects and provides asset management services to distributed, community solar and utility projects throughout North America. Nautilus is minority owned by Virgo Investment Group, LLC. Join Nautilus on LinkedIn and Twitter and visit www.nautilussolar.com for more information.
About Summit Ridge Energy, LLC
Founded in 2017 by an experienced team of renewable energy veterans, Summit Ridge develops and finances community solar power plants across the United States. Seasoned by years of industry experience, and backed by our partners at Aligned Intermediary, Summit Ridge offers a reliable platform for energy end users and project developers alike. For more information, visit www.srenegy.com.
About SynerGen Solar, LLC
Founded in 2016 by an experienced renewable energy veteran, SynerGen Solar develops and finances community solar projects in select markets across the United States. With deep industry experience and strong relationships in local markets, SynerGen Solar provides a competitive advantage through its proprietary project development platform. For more information, visit www.synergensolar.com.
SOURCE Nautilus Solar Energy, LLC