US community solar company Nautilus Solar Energy has secured US$202 million for a 186MW portfolio consisting of mainly community solar projects.
On behalf of its affiliate Nautilus US Power Holdco, Nautilus Solar Energy completed the issuance of senior secured notes to institutional investors in a private placement transaction. The portfolio comprises 58 projects operating in seven US states.
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“With the successful closing of this private placement transaction, we are even more well-positioned to continue to grow our community solar business throughout the country. Nautilus Solar is demonstrating how successful renewable energy companies can reach new milestones of financial sustainability,” said Jeffery Cheng, CEO of Nautilus Solar Energy.
The company also said that the private placement “confirms institutional investor interest in both Nautilus and the growing community solar market”, adding that the segment is a secure renewable energy investment category.
Prior to this private placement, Nautilus Solar Energy bought a 270MW portfolio of projects from ESA, a US-based solar development platform, in June. Nautilus and ESA will co-develop the portfolio, which the former said is the largest early-stage solar acquisition and development partnership in its history.
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