Nautilus Solar Energy LLC on Dec. 8 announced the acquisition of a 7.4-MW ground-mounted solar project in Massachusetts from Seaboard Solar Holdings LLC.
Nautilus has been working with Seaboard through the development process, and will now oversee the final development and construction of the project. The project will be owned by Virgo Helios LLC, an affiliate of Virgo Investment Group, which is also a minority shareholder of Nautilus. Nautilus, through its full service platform, will provide asset management services once the project is placed in service. The project’s power offtake agreement benefits low-income housing authorities, who have signed up to receive the project’s net metering credits.
“We are very excited to announce this acquisition, as this development is one of the largest virtual net metering solar developments in Massachusetts and adds high-quality assets to our growing portfolio with Virgo,” said Jim Rice, CEO of Nautilus Solar. “Going forward, we continue to seek new opportunities in the region to further leverage our platform.”
“Nautilus has quickly been gaining traction throughout New England,” said Shawn Brazo, President of Seaboard Solar Holdings. “Through this complex acquisition process, we’ve seen that the Nautilus team is capable of delivering outstanding results in an expedited manner and we look forward to continue working with their team on other solar developments.”
Founded in 2006, Nautilus Solar Energy, headquartered in Summit, N.J., focuses on developing, acquiring, executing and managing distributed and utility-scale generation solar projects throughout North America. Over its 10 year history, Nautilus has invested in over 125 MW of solar projects located in the United States and Canada.
Seaboard Solar Holdings is a renewable energy project development firm with over 40 MW of solar projects under development in the Northeast. Seaboard provides full project development services to investors and commercial and utility customers across North America.