Rooftop Solar Investment provides Commercial Property Owners with Added ROI While Reducing the Carbon Footprint
SUMMIT, N.J., June 16, 2015 /CNW/ -- Nautilus Solar Energy, LLC, a leading full service solar solutions provider in the United States and Canada, has announced the completion of 14 rooftop projects in Ontario, Canada; totaling approximately 4.1 megawatts with an additional 6 projects of 1.9 megawatts expected to be completed by July 2015. The project represents one of the largest financings of a distributed generation solar photovoltaic (PV) portfolio.
The portfolio—representing projects of different sizes, investment structures and stages of completion—secured both non-recourse financing from Rabobank, a leading financier of renewable energy projects in North America, as well as equity funding from North Sky CleanTech Alliance Fund L.P. and NewWorld Environmental Infrastructure L.P (managed by GoldenSet Capital Partners LLC). The community investment partners include Green Energy Co-operative of Ontario, Inc. (GEGO) and Eagle Lake First Nation.
The projects were co-developed in partnership by Nautilus Solar Energy, its Canadian subsidiary Nautilus Solar Energy Canada Inc. and Moose Power Inc. Nautilus and Moose Power worked closely with the property owners to create solar solutions that increase owner return on investment (ROI) while reducing carbon footprint in Ontario. This first phase of the projects will total 6.0 megawatts and is expected to grow to 7.2 megawatts later this year. The portfolio will ultimately reach 24 megawatts. Each project secured 20-year power purchase contracts under the Ontario Power Authority's feed-in tariff (FIT) program.
In addition to developing the projects with Moose Power, Nautilus will also provide physical and financial asset management services.
"These projects represent continued collaborations between commercial property owners and solar developers to leverage rooftop space resulting in increased owner ROI while supporting the development of renewable energy systems throughout Ontario" said David Velasco, Nautilus's Vice President of Construction and Operations.
CEO of Nautilus, James Rice added "Nautilus is proud to have participated in the development, financing, and construction of these solar projects and will continue to have a proactive role as the Asset Manager. These transactions demonstrate Nautilus' ongoing commitment to the Ontario solar energy market."
About Nautilus Solar Energy, LLC:
Founded in 2006, Nautilus Solar Energy, LLC, is a leading full service energy solutions provider headquartered in Summit, N.J. Nautilus is making solar possible by developing, funding, executing and managing the physical and financial aspects of distributed generation solar electric projects for business and public sector customers across North America. The company delivers full service financial and technical expertise by customizing the optimal solar solution to save customers money while helping them meet their sustainability goals. Nautilus has over 100 MW—both distributed and grid tied systems—under management in the United States and Canada. Nautilus is majority-owned by an investment affiliate of Starwood Energy Group, LLC, based in Greenwich, Connecticut. For more information, visit www.nautilussolar.com.
About NewWorld Environmental Infrastructure:
Founded in 2012, NewWorld Environmental Infrastructure L.P. was established in collaboration with North Sky Capital to provide funding for clean infrastructure assets. It is managed by GoldenSet Capital Partners (www.goldensetcapital.com), formerly NewWorld Infrastructure Group, and provides project equity for clean infrastructure assets and structured capital to companies engaged in deploying clean infrastructure.
The General Partner of NewWorld Infrastructure L.P. is comprised of principals from GoldenSet Capital Partners and NewWorld Capital Group. NewWorld Capital Group (www.newworldcapital.net) is a New York based private equity firm that specializes in selected segments of the environmental business sector in the United States and Canada.
About North Sky Capital LLC:
North Sky Capital is an independent registered investment advisor that was established in 2000 to provide tailored private investment solutions for its investors. To date, North Sky's tight-knit team has built 14 innovative funds spanning the full spectrum of private equity and energy infrastructure. North Sky Capital manages over $850 million in committed capital and is headquartered in Minneapolis, Minn. For more information, visit: www.northskycapital.com.
SOURCE Nautilus Solar Energy, LLC
For further information: Jacqueline Mayan, 908-795-3035, [email protected], http://www.nautilussolar.com