SUMMIT, N.J., April 29, 2020 /PRNewswire/ -- Nautilus Solar Energy, LLC ("Nautilus"), a leading owner-operator of distributed generation and community solar projects located throughout North America closed a $90 million debt financing agreement led by National Bank of Canada "NBC" and including Royal Bank of Canada ("RBC") as lender. The financing consists of a $75 million revolving construction facility and a $15 million letter of credit facility. The proceeds provide Nautilus with competitive capital for its well- established platform for acquisition, development, construction and management of solar assets, and will propel the company's further expansion into key community solar markets throughout the United States. The construction facility will fund approximately 100 MW of community solar projects in Rhode Island, Maryland, New York and Minnesota. The construction loan is expected to be taken out with a term debt facility provided by the same bank group.
"Nautilus is very pleased to have worked with NBC and RBC on this financing and look forward to growing our business relationship in the future," said Laura E. Stern, co-CEO of Nautilus. "Such financing partnerships are vital as we continue to achieve greater scale in the community solar sector of the industry."
"We are proud to have partnered with Nautilus. This transaction fits well within our strategy to expand our renewables banking and advisory practice outside Canada. We look forward to growing our relationship over the next several years", said Alexandre Huot, Managing Director at National Bank of Canada.
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 National Bank of Canada With $289 billion in assets as at January 31, 2020, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. It has more than 26,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.
About Royal Bank of Canada Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 85,000+ employees who bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 34 other countries. Learn more at rbc.com.