US community solar developer Nautilus Solar Energy has secured a US$275 million long-term debt facility to support 25+ projects across Illinois, Maryland, Delaware, New York, and Rhode Island over the next year.
The projects will add 130 MW to local grids, bringing Nautilus’s total portfolio to 700 MW. Marking its largest single debt deal to date, the facility expands Nautilus’s lender base with MUFG, SMBC, and Apterra Infrastructure Capital.
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“This is the largest single debt raising effort in Nautilus’s history, and the first time we’ve brought on a completely new group of lending partners all at one time. Most importantly, this capital accelerates our ability to deliver more community solar projects that expand access to the benefits of clean energy,” said Camelia Miu, chief financial officer of Nautilus Solar Energy.
To complete this financing deal, Cadence Bank served as depository agent and BNY Mellon acted as collateral agent. Legal counsel for Nautilus was provided by Sheppard Mullin and Milbank LLP provided legal counsel for the lending parties.
Founded in 2006, Washington-headquartered Nautilus is a community solar developer operating 146 solar projects across 12 states. The company is a wholly owned subsidiary of Power Corporation of Canada, backed by alternative asset manager Power Sustainable.
In July 2025, Nautilus Solar Energy entered a US$275 million tax equity partnership with Greenprint Capital as part of a broader US$2.5 billion joint venture with AB CarVal. The investment, the largest in the company’s history, supported 130 MW of community solar across Illinois, Maryland, New York, Rhode Island, and Delaware.
Summit Ridge secures US$305million for 158 MW community solar projects
US commercial solar developer Summit Ridge Energy has closed a US$305 million senior secured credit facility with Bank of America to support 158 MW of community solar projects across Illinois and Maryland.
The US$305 million financing package includes a US$281 million term loan and a US$24 million letter of credit facility to provide term financing for the portfolio. The projects are expected to create 3,000 jobs across construction, engineering, and long-term operations.
This portfolio expands Summit Ridge’s solar leadership, bringing its total operating and development projects to over 2GW nationwide. The facility was arranged alongside Hannon Armstrong Sustainable Infrastructure Capital (HASI), a leading investor in sustainable infrastructure assets.
“Expanding our partnership with Bank of America enables us to grow our footprint in Illinois and Maryland, providing cost savings for thousands of customers while advancing America’s energy independence with US-made components and local labour,” said Adam Kuehne, chief investment officer at Summit Ridge Energy.
Summit Ridge Energy has raised over US$5 billion to finance 200+ solar facilities since 2017. In April 2025, US commercial solar developer Summit Ridge Energy (SRE) and investor Apollo invested US$400 million in a joint venture to own and operate commercial solar assets in Illinois. The move built on growing interest in the state’s solar sector, which added over 500 MW in 2024, with around 200 MW from commercial projects – outpacing utility-scale additions.
