Solar project development & asset management firm, Nautilus Solar Energy (Nautilus) has reportedly announced that it has acquired a 9 MW Maryland community solar energy development portfolio from solar energy equipment supplier, Power52 Energy Solutions (Power52ES).
Reports cite, the acquired project comprises four different facilities that are located outside of the city of Baltimore. Every project is reportedly qualified under the state’s community solar pilot program which also comes under the service territory of Baltimore Gas & Electric (BGE).
According to a press release by Nautilus Solar Energy, Nautilus, using the company’s full-service platform, would be responsible for the long-term asset management, project management as well as the project’s maintenance services. The separate projects would be owned by a firm that is an affiliate of thematic investor, Virgo Investment Group, that is also Nautilus Solar Energy’s minority shareholder.
Reportedly, the energy that would be generated through the projects would directly benefit the qualified residential off-takers, including subscribers that are of low or moderate income (LMI) who are located inside the BGE’s service territory.
The power generated through the company’s solar projects would be providing energy cost savings for the local residents while also advancing the state’s overall goal of renewable energy. Moreover, the trainees studying under Power52ES institute’s 11-week-long solar training course would be completing their respective On the Job Training (OJT) as a part of the portfolio’s construction, along with the graduates that are presently employed by the company.
The CEO of Power52 Energy Solutions, Rob Wallace stated that the portfolio is a proof of the multiple benefits sustainable energy could bring into the LMI communities that the company serves. The company understands is thrilled to have worked with the community on the transaction. Wallace further added that the firm is also delighted about the job opportunities that would be provided to the institute’s graduates.
According to reports, the construction of the portfolio is expected to conclude in the year 2019.