SUMMIT, N.J., Nov. 27, 2018 /PRNewswire/ -- Nautilus Solar Energy, LLC ("Nautilus"), a leading national solar project acquisition, development and asset management company, today announced the acquisition of a 9 MW community solar development portfolio from Power52 Energy Solutions ("Power52ES"), a regional developer of renewable energy projects. This portfolio is comprised of four separate projects located outside of Baltimore. Each project is qualified under Maryland's community solar pilot program and are in the Baltimore Gas & Electric ("BGE") service territory. The portfolio is expected to be constructed and energized in 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, including low and moderate income ("LMI") subscribers, who are situated within BGE's service territory. The energy generated through these solar projects will provide local residents with energy cost savings while also advancing Maryland's overall renewable energy goals. Trainees from the Power52 Energy Institute's 11-week solar training program will complete their "On the Job Training" as part of the construction of the portfolio along with graduates that are currently employed by Power52 Energy Solutions.
"This community solar portfolio is a testament of the multi-faceted benefits that sustainable energy can bring into Low to Moderate Income Communities that we serve. The Nautilus team understood this philosophy and we are pleased to have worked with them on this transaction," said Rob Wallace, CEO of Power52 Energy Solutions. "We're especially excited about the job creation opportunities that the construction of this multi-site portfolio will provide for our Power52 Energy Institute graduates," he added.
"We applaud Power52ES's mission to support sustainable communities through renewable energy development. This transaction reflects Nautilus's own commitment to provide benefits to local communities through renewable energy," said Jim Rice, CEO of Nautilus Solar. "This acquisition also solidifies our overall commitment to Maryland's expanding community solar marketplace," 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 Power52 Energy Institute
POWER52 Energy Institute is owned and operated by Power52 Foundation, a Maryland based 501(c)(3) established to provide hands-on job-training in the energy sector for individuals in disadvantaged communities that are struggling financially. Power52's long-term community development strategy is designed to break the cycles of poverty, unemployment, under employment and incarceration in our urban communities across the nation while simultaneously advancing communities resilience through a sustainable strategy. Like @Power52Official on Facebook and follow us on Twitter, Instagram, LinkedIn, and Snapchat. For more information visit www.power52.org.
About Power52 Energy Solutions
Power52 Energy Solutions is a for-profit entity that breaks the cycle of poverty, unemployment, underemployment, and incarceration in our urban communities across the nation through workforce development, clean energy access, and solar development.
Power52 Energy Solution's business model is to supply clean energy to LMI households nationwide through solar development and resiliency. Power52 Energy Solutions strong network and social impact translates to 15-20% cost savings to LMI households. All projects developed and constructed by Power52 Energy Solutions are built by graduates of the Power52 Energy Institute program. Like @Power52Energy on Facebook. For more information visit www.power52energy.com.
SOURCE Nautilus Solar Energy, LLC