US community solar company Nautilus Solar Energy has bought a 270MW portfolio of projects from ESA, a US-based solar development platform.
The projects are due to be deployed across the Midwest, in markets where there is proposed community solar legislation, such as Ohio. Nautilus and ESA will co-develop the portfolio, which the former said is the largest early-stage solar acquisition and development partnership in its history.
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Financial specifics of the deal were not disclosed.
Eric Paul, vice president of partner development at Nautilus said: “We are excited to partner with ESA to expand into several new community solar markets, contributing towards an equitable, sustainable future for all.”
CEO of ESA Lindsey Latre said: “[Nautilus’] proven commitment to the Midwest markets and the community solar industry at large is commendable. As we collectively oversee the development of this portfolio, we couldn’t be more excited about working hand-in-hand to advance solar energy solutions across these communities.”
Community solar is an expanding portion of the US PV market. Alongside rooftop solar, the increasing trend towards energy independence amongst communities and consumers, coupled with the stimulus of IRA incentives, has seen the segment expand. Wood Mackenzie predicted that community solar instalments will more than double by 2028, and large deals and investments have been made by Nexamp – acquiring 250MW for US$400 million – and Aggreko, which financed a 500MW portfolio.
Another Midwestern state, Minnesota recently passed a US$80 million incentive package to boost solar deployment that included legislative changes to ease the permitting and deployment of community solar projects.
