Power Energy Corporation, a subsidiary of Power Corporation of Canada, has bought developer and asset manager Nautilus Solar Energy from management shareholders and minority shareholder Virgo Investment Group for an undisclosed sum.

New-Jersey based Nautilus acquires, develops, finances, owns and manages solar assets across the US and has invested more than US$1 billion in capital since launching in 2006. California private equity investment firm Virgo Investment Group acquired a minority stake in the company in 2015.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

Regular insight and analysis of the industry’s biggest developments
In-depth interviews with the industry’s leading figures
Unlimited digital access to the PV Tech Power journal catalogue
Unlimited digital access to the Photovoltaics International journal catalogue
Access to more than 1,000 technical papers
Discounts on Solar Media’s portfolio of events, in-person and virtual

View all benefits & pricing

Or continue reading this article for free

Nautilus will retain its current management team. Jim Rice and Laura Stern will remain co-CEOs and Jeffrey Cheng president.

Rice said in a release that “PEC's acquisition will not only provide Nautilus with competitive capital, but also the capabilities to accelerate growth to achieve greater scale in the market”.

In mid-June, Nautilus completed the first of three community solar projects in New York state.

UPCOMING EVENT

PV ModuleTech USA 2025

17 June 2025

Napa, USA

PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

UPCOMING EVENT

PV CellTech USA 2025

7 October 2025

San Francisco Bay Area, USA

PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.

UPCOMING EVENT

Solar & Storage Finance USA 2025

21 October 2025

New York, USA

Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.