A subsidiary of US Bancorp and a partner of KeyCorp have helped Nautilus Solar Energy close its recent financing round for a 9MW portfolio of solar projects in California and the northeast US. The financial institutions offered Nautilus long-term tax equity and debt financing, which will go towards the development of a string of distributed generation projects under 15 to 20-year PPA’s.
Projects under the 9MW portfolio include rooftop, canopy and ground-mounted installations that will be installed at school districts and municipalities in New Jersey, Maryland and California with a savings tag of over US$17 million expected during the life of the PPA’s. Nautilus Solar additionally disclosed that it is in talks with lenders to finance a 10MW portfolio of distributed generation projects under the Ontario Power Authority’s FiT program.
Jim Rice, CEO of Nautilus Solar, remarked, “I'm proud that the Nautilus team has proven that we can develop, construct, aggregate and fund distributed solar projects. Our future plans focus on repeating this portfolio aggregation structure with more MWs, in more markets, including raising project level equity for the portfolios.”