Solar project development, acquisition and asset management company Nautilus Solar has acquired a 13.3MW community solar portfolio previously owned by integrated solar manufacturer ReneSola.
The community solar portfolio, which was qualified under Xcel Energy's community solar program, is located across Minnesota. The portfolio is expected to be built through the remainder of 2017, with the installations expected to come online during Q1 2018.
As a result of the finalised transaction, the projects will be owned by an affiliate of Virgo Investment Group, which is also a minority shareholder of Nautilus Solar Energy.
Nautilus will provide development and long-term asset management services for the project.
Kevin Chen, CEO of ReneSola Power Holdings, the US project development arm of ReneSola, said: “The transaction demonstrates our strong execution in project development. We believe community solar to be an attractive market for us in the US. We look forward to continue working with the Nautilus team on other solar opportunities from our national development portfolio.”
Jim Rice, CEO of Nautilus Solar, added: “This deal continues the exciting growth strategy that we announced last year and expands our focus and capabilities to include community solar developments.”