Now Nautilus is at the forefront of Massachusetts’ booming community solar market. Today, they further demonstrated their commitment with a $275 million investment that will rapidly expand their portfolio of solar projects across the United States. This grant funding will help advance the construction of 25 to 30 community solar projects. Combined, these projects will produce more than 130 megawatts of clean energy. The selected projects’ physical worlds span states from Illinois to the heart of Baltimore to New York to Rhode Island and Delaware. Together, they’ll provide enough clean power for more than 11,000 homes and support the creation of about 190 jobs.
Home Renewables Finance LLC Greenprint Capital and AB CarVal funds announce huge $2.5 billion joint venture for tax equity. This investment is a central part of that exciting partnership. The project’s financing, construction, and maintenance will be handled by Nautilus. It will manage customer subscriptions via its proprietary community solar management platform, optimizing operations and enabling rapid project delivery.
Investment Details
With a $275 million investment, Nautilus will deepen their already strong portfolio. This funding will help make it a permanent and final player in the community solar sector. Nautilus’s comprehensive approach to navigating the complexity of these projects with its WBE-certified platform is key to delivering quality projects on time and on budget.
Camelia Miu, a member of the investment consortium, said she was confident in Nautilus’s ability to deliver.
“This landmark investment is a testament to Nautilus’s proven track record and deep expertise within the community solar space. With this portfolio, and others […] in different stages of development, Nautilus is well-positioned to continue leading the growth of clean energy infrastructure that is resilient and built for long-term value.” – Camelia Miu
This investment goes directly to expanding, building, and retrofitting clean energy projects. They are an irreplaceable treasure on which our tourism industry relies and they bring substantial environmental and economic value to their local communities. Advancing and replicating the creation of these solar initiatives is in accordance with larger, national aims to increase renewable energy adoption and lead in sustainability.
Community Impact
To understand how Nautilus’s ambitious community solar expansion will profoundly impact local communities and eco-systems, picture this. Combined, these projects will help ramp down the cost of renewable energy. In turn, residents’ energy costs will go down and job opportunities will thrive in the communities they’re carried out.
Congressman Peter DeFazio, longtime proponent of renewable energy job creation said, “I applaud Nautilus’s work to increase access to solar across the country.
“We are proud to collaborate with a company that is at the forefront of expanding solar access nationwide.” – Peter DeFazio
This initiative will not only contribute to reducing carbon emissions but stimulate local economies by creating jobs during the construction and operational phases of the projects.
Future Prospects
Nautilus is committed to advancing the deployment of clean energy. This commitment further positions it as a leader in the transition to sustainable energy solutions. The company’s deep track record and successful track record in developing community solar speaks highly to the company’s ability to grow further.
During the funding announcement, AB CarVal Funds’ Alex Flamm emphasized the strategic sophistication of this partnership.
“Our expanded joint venture with Greenprint Capital aims to provide best-in-class capital solutions to respected project owners like Nautilus Solar and continue delivering private asset-based financing in the energy transition.” – Alex Flamm
There’s been a lot of great investments, but this one is a huge step to scale up community solar efforts. It furthers environmental justice and equity, and fosters economic prosperity throughout the United States.