North Sky CleanTech Alliance Fund LP and NewWorld Environmental Infrastructure LP have announced an investment in a solar generation project portfolio developed by Nautilus Solar Energy LLC through its Canadian subsidiary, Nautilus Solar Energy Canada Inc.
The portfolio, located in Ontario, Canada, will initially consist of 28 projects totaling approximately 9.2 MW, which is expected to ultimately grow to 24 MW.
Nautilus is a leading solar developer headquartered in Summit, N.J. Nautilus develops, constructs, finances, owns and operates distributed generation and utility-scale solar electric systems throughout the U.S. and Canada, focusing primarily on the mid-Atlantic, northeast and western regions of the U.S. and Ontario.
“Our partnership with NewWorld Infrastructure and North Sky provides the foundation not only for the successful completion of Nautilus’s current portfolio, but also the opportunity for significant expansion through acquisition of projects in the Ontario Power Authority’s feed-in-tariff program,” Nautilus’s President Laura Stern stated on June 9. “We could not be more enthusiastic to help accelerate the development and growth of the Ontario solar sector.”
Everett Smith, Managing Partner of GoldenSet Capital Partners, said: “We are pleased to partner with Nautilus Solar Energy, a proven solar developer, and to support the objectives of the Province of Ontario in expanding its base of clean energy. Through this investment NewWorld Infrastructure and GoldenSet Capital Partners have again achieved their objective of creating jobs in the near-term, environmental benefits for the longer term, and an attractive investment opportunity for the North Sky and NewWorld Infrastructure investors.”
Added Ali Iz, Managing Partner at NewWorld Capital Group: “This investment is right down the alley for NewWorld Infrastructure as a provider of capital for clean renewable energy projects and companies.”
Danny Zouber, Managing Director of North Sky, said: “We are delighted to add to our renewable energy investment portfolio in North America and to work with Nautilus Solar on an opportunity that will create jobs in Ontario, as well as strong potential returns for our investors.”
Nautilus sells its generated power through long-term power purchase agreements, with approximately 96 MW owned and managed throughout the United States and Canada. Nautilus Solar is majority-owned by an investment affiliate of Starwood Energy Group Global LLC, based in Greenwich, Conn.
Founded in 2012, NewWorld Environmental Infrastructure LP was established in collaboration with North Sky Capital to provide funding for clean infrastructure assets and companies. It is managed by GoldenSet Capital Partners, 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 is comprised of principals from NewWorld Capital Group and GoldenSet Capital Partners.
NewWorld Capital Group is a New York-based private equity firm that specializes in selected segments of the environmental business sector in the United States and Canada.
North Sky Capital is an independent registered investment advisor that was established in 2000 to provide tailored private investment solutions for its investors.