Nautilus Solar Energy Acquires 31.5 MW Portfolio

Nautilus Solar Energy has acquired a 31.5 MW portfolio of operating solar project assets from Virgo Investment Group.

The portfolio of community solar and large C&I projects spans seven states, from California to Rhode Island, and serves clientele including hospitals, housing authorities, a community college and residential customers under long-term power purchase agreements. The projects were placed into operation between 2016 and 2019.

Nautilus originally developed, financed and managed the projects in partnership with Virgo and will continue to operate them as part of Nautilus’s expanding portfolio.

“Nautilus is delighted to be able to continue working with the projects’ customers, SREC purchasers, landowners and other project counterparties. The acquisition of the Virgo Helios I portfolio reinforces Nautilus’s position as a long-term owner of solar assets,” says Laura Stern, co-CEO of Nautilus Solar. “With its geographic diversity and mix of customers, this portfolio is an excellent addition to our growing base of projects under ownership.”

The seller and buyer were advised and represented by Fifth Third Bank and Morrison & Foerster, and National Bank Financial and Rath, Young and Pignatelli, respectively.

Photo: A Nautilus Energy solar project

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