Nautilus Solar Announces Acquisition of a 3.5 MW Community S
SUMMIT, N.J., Feb. 18, 2020 /PRNewswire/ -- Nautilus Solar Energy, LLC, ("Nautilus"), a nationwide owner-operator of distributed and community solar projects, announced the acquisition of a 3.5 MW community solar project in Cranston, Rhode Island from ISM Solar Development, LLC ("ISM Solar"), a developer of large commercial and utility-scale solar projects. This solar project is unique as it resides on a closed landfill that is a former EPA superfund site. It effectively utilizes land that was otherwise unusable. This is Nautilus's second acquisition from ISM Solar in Rhode Island, having previously closed on the acquisition of a 3.3 MW solar project in Rhode Island last year.
"Thanks to years of cooperation between many stakeholders – the property owner, responsible parties, regulators, the City of Cranston, and ISM Solar – we are proudly able to further transform this permanently closed landfill into a source of local clean energy," said Greg Lucini, CEO of ISM Solar.
The project is qualified under Rhode Island's Community Remote Net Metering solar program, which allows Rhode Islander subscribers who want to reduce their carbon emissions, but cannot install solar panels on their own homes, to purchase solar power at a discount to the standard electric service rate. The solar system is expected to serve approximately 700 customer households that reside in National Grid's territory. Construction is targeted for completion in Q3 2020. Nautilus, as the owner operator, will be responsible for the construction, customer acquisition and management, and the long-term operations and management of this project.
"We are pleased to further extend our presence in the Rhode Island marketplace and offer the benefits provided by such a unique community solar project to a wider audience of local constituents," added Jeffrey Cheng, President of Nautilus Solar.
Nautilus is the leading community solar developer in Rhode Island, with more than 30 MW of community solar projects operational or under construction in the state. It expects to serve more than 5,000 residential customers by 2021, giving strong support to Rhode Island Governor Raimondo's renewable energy goal to provide 100% of the state's electricity needs by 2030. Subscriptions are now available to eligible customers through Arcadia Power. https://www.arcadia.com/lp9-ri-partner/?promo=nautilus
About Nautilus Solar Energy, LLC
Nautilus Solar Energy, LLC ("Nautilus") is a leading owner-operator of distributed generation and community solar projects located throughout North America. Over its 14-year history, the Nautilus team has successfully developed, acquired, managed and invested over $1.2 billion of capital into solar projects. Nautilus is wholly owned by Power Energy Corporation, a subsidiary of Power Corporation of Canada (TSX:POW), a global diversified management and holding company. Join Nautilus on LinkedIn, Facebook and Twitter and/or visit www.nautilussolar.com for more information.
About ISM Solar, LLC
ISM Solar builds solar farms that deliver clean energy savings to communities, public users, and private users throughout the country. Its mission is to repurpose underutilized and compromised space, including landfills, brownfields, and gravel pits, in pursuit of a sustainable energy economy. Follow ISM Solar on LinkedIn and Twitter and visit www.ismsolardev.com.
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SOURCE Nautilus Solar Energy, LLC