US community solar company Nautilus Solar Energy has acquired a portfolio of 16 community solar projects with a combined capacity of 75.6MW.
Located in Illinois, the projects will be operational between 2025 and 2027. After the acquisition, Nautilus Solar Energy will become the long-term owner of the projects, and will be responsible for overseeing construction, maintaining its long-term performance, and acquiring and managing customer subscriptions.
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The company said the acquisition could strengthen its presence in community solar, particularly its rapid growth in existing and new midwestern markets.
“This acquisition is a pivotal step towards expanding Nautilus’s overall footprint in the Midwest,” said Jeff Lee, business development director at Nautilus.
Recently, PV Tech Premium published an interview with Solar Powers Illinois, examining the state’s role in energy transition in the US.
Nautilus Solar Energy has been expanding its solar portfolio. Last year, it secured US$202 million for a 186MW portfolio consisting of 58 solar projects in seven states, with the majority of them being community solar projects.
Meanwhile, PV Tech Premium published an article about the growth of community solar in the US in the coming years, which will be spurred by the Inflation Reduction Act (IRA) and new guidance on community solar.
By the end of the first quarter of 2023, installed community solar capacity reached 5.8GW, according to data from trade body Solar Energy Industries Association (SEIA). That number is expected to double in the next five years, according to a report published by the Coalition for Community Solar Access (CCSA) and Wood Mackenzie, with at least 6GW of community solar to be added between 2023 and 2027.