NAUTILUS SOLAR ENERGY AND TURNINGPOINT ENERGY ANNOUNCE PARTNERSHIP ON 29.3MW COMMUNITY SOLAR PORTFOLIO IN ILLINOIS
Summit, NJ (May 8, 2024) Nautilus Solar Energy®, LLC (“Nautilus”), on behalf of its affiliate Nautilus US Power Holdco, LLC (“NUPH”), and TurningPoint Energy (“TPE”) announce their partnership on a 29.3-megawatt (MW) portfolio of community solar projects in Illinois. The portfolio of four community solar projects, located in Kankakee and Livingston counties, is projected to be operational by 2025. This collaboration strengthens the foothold of Nautilus in community solar, particularly its rapid growth in Illinois, and is the first demonstration of TPE’s commitment to invest over $500MM in the Illinois Community Solar market.
The portfolio of projects is qualified under Illinois’ community solar program and helps support the state’s renewable energy goal of 40% by 2030 and 50% by 2040.
“We are thrilled to work with TPE on yet another transaction, the first in the Illinois market. Strategic partnerships like this play a pivotal role in expanding Nautilus’s capabilities and reaffirm our position as a leading community solar company with projects and subscribers located across the country,” said Eric Paul, Vice President of Partner Development at Nautilus Solar Energy.
”In 2022 we made a commitment to Illinois that we would bring over half a billion of investment in the community solar market,” said Salar Naini, President of TurningPoint Energy. “This collaboration with Nautilus is the start of that commitment, with many more dollars of investment set to flow to the state in the coming years.”
Nautilus will be the long-term owner of the projects and is responsible for overseeing construction, maintaining its long-term performance, and acquiring and managing customer subscriptions. The projects will enable ComEd customers to save on their electric bills while supporting the expansion of renewable energy and Illinois’ ambitious clean energy goals. Combined, the projects will generate clean energy to serve the energy needs of over 3,000 homes and 100 commercial businesses. The four projects will also create construction and ongoing operational jobs along with collaboration and investment into local Illinois businesses on legal, permitting, engineering, construction, and related activities to support these developments.
Additionally, TPE makes charitable community investment commitments in each of its community solar project communities. For these four projects, TPE has designated $75,000 in planned donations to local Kankakee County and Livingston County organizations. Nautilus will match TPE’s commitment for a combined $150,000 in community investment donations on this transaction alone.
Community solar programs are one of the fastest-growing sectors of the renewable energy industry, providing locally produced, affordable clean energy to residents and businesses. The development of community solar projects drives engagement and collaboration in communities through job creation, economic development, and responsible land use.
About TurningPoint Energy
TurningPoint Energy is a clean energy development, advisory and investment company with solar development projects underway throughout the United States. Since 2014, TPE has developed over 1GW in large-scale and community solar projects. TPE is a lean, privately held firm that adapts to its clients’ needs and finds ways to invest in its clients and their communities…at every turning point. For more information, please visit turningpoint-energy.com. Connect with TPE via LinkedIn.
About Nautilus Solar Energy
Nautilus Solar Energy®, LLC is a leading community solar company, providing cleaner energy to residential and commercial customers in local communities. Nautilus operates and manages solar farms in 10 states and is responsible for financing, development, maintenance, and customer service for the lifetime of the project. Founded in 2006, Nautilus has helped shape the future of solar to provide an equitable and affordable renewable energy choice for all. Nautilus is owned by Power Sustainable, a wholly-owned subsidiary of Power Corporation of Canada. Power Sustainable is a multi-platform alternative asset manager with a long-term investment approach focused on sustainable strategies. For more information on Nautilus Solar Energy visit nautilussolar.com. Join Nautilus on LinkedIn, Facebook, Instagram, and Twitter.
Contacts:
TurningPoint Energy
Christy Scott
984-209-0634
[email protected]
Nautilus Solar Energy
Carlene Pruitt
908-795-3038
[email protected]