Nautilus Solar Energy acquires 10.4-MW Minnesota solar portfolio

Jun 4, 2020 05:19 PM ET
  • Nautilus Solar Energy, a national owner-operator of solar jobs, obtained a 10.4-MW area solar profile from ReneSola Power, a fully-integrated solar job programmer as well as provider of energy-efficient products.

The portfolio is comprised of 8 single-axis tracker solar setups, each generally described as a solar garden. Situated in regions throughout the southerly half of Minnesota, they are made to generate sufficient power to power over 1,450 homes.

" We are thrilled to be dealing with the Nautilus group. This deal once again demonstrates the project advancement proficiency of our group in Minneapolis," said John Ewen, CEO of ReneSola Power North America.

Running under Xcel's Solar * Rewards Neighborhood Program, which permits customers to sustain solar energy without installing their own planetary system and Minnesota's VOS neighborhood solar program, the solar gardens' customer base is approximated to benefit from over $1.8 million in power financial savings throughout the life-span of the project. The websites are expected to be operational by Q1 of 2021.

" Despite recurring macro uncertainties, both Nautilus and ReneSola groups effectively completed the deal. Area solar continues to be an attractive market for us in the UNITED STATE, and also we anticipate teaming up with Nautilus on other solar opportunities in the future," stated Yumin Liu, CEO of ReneSola Power.

Nautilus will be accountable for the task administration, long-lasting possession as well as subscriber management and also upkeep solutions for this portfolio. Along with having established the jobs, ReneSola will be responsible for safeguarding the subscribers. The energy created by the tasks will straight profit competent business and property off-takers positioned within Xcel Power's service region by supplying energy expense financial savings while also advancing Minnesota's 10% solar energy goal by 2030.

" With this acquisition, we have the ability to considerably increase our subscriber existence in the Minnesota area solar marketplace to solution smaller sized commercial and also even domestic consumers," claimed Jim Rice, co-CEO of Nautilus Solar.

Nautilus Solar President Jeffrey Cheng included: "This effective purchase, being the 4th deal consummated with the ReneSola group over the last 3 years, even more exemplifies Nautilus's long-lasting commitment to functioning closely with our growth partners."

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