Nautilus Solar Energy advised that it had completed a financing agreement with De Lage Landen in order to fund a minimum of US$25 million of Nautilus Solar Energy installations through key US markets in 2012. The funding will see several megawatts of PV installations completed in Florida, California and the northeast.
Under the sale-leaseback structure, Nautilus will develop, construct, finance and operate the PV facilities at host locations. The power will then be sold to either commercial and industrial host customers or to utilities under long-term PPA’s.
“Nautilus is extremely excited to enter into the facility with De Lage Landen, which will enable the company to accelerate development through the expiration of the 1603 cash grant program,” said Laura Stern, president at Nautilus Solar Energy.