18.6 MW Portfolio Brings Clean Energy to Nearly 2,000 Residents
SUMMIT, NJ (August 2, 2022) — Nautilus Solar Energy, LLC, on behalf of its affiliate Nautilus US Power Holdco, LLC (“Nautilus”), a leader in the development of community solar projects, announces the completion of its first community solar portfolio in Maine. The 18.6 MW fully operational portfolio is comprised of three projects located in Kennebec, Knox, and Somerset Counties. The projects provide a clean energy alternative to an estimated 2,000 residential homeowners and renters, local businesses, and non-profit organizations within the CMP utility territory.
These projects were developed by TurningPoint Energy as part of Maine’s Net Energy Billing program to provide renewable energy benefits, energy efficiency, and reduced costs for its residential customers. Nautilus is the long-term owner of the projects and responsible for overseeing construction, maintaining its long-term performance, and acquiring and managing customer subscriptions.
Over their lifetime, the projects are expected to generate approximately 25 million kWhs annually, contributing to Maine’s goals of providing economic growth, workforce opportunities, and 80 percent clean energy by 2030 and 100 percent by 2050.
“We are proud to play a role in the growth of renewable energy in Maine by completing and officially opening our first community solar projects,” said Eric Paul, Executive Director of Origination at Nautilus. “It has been equally rewarding to share this milestone with a partner and experienced developer like TurningPoint Energy and to celebrate our second fully-operational portfolio together.”
“The completion of this community solar portfolio demonstrates the continued delivery on the promise TurningPoint Energy made three years ago when we announced our entry into the Maine community solar market,” said Salar Naini, Executive Vice President of Business Development. “It was a pleasure to work arm-in-arm with Nautilus, a consistent community solar leader and partner, to actualize this commitment.”
As one of the fastest growing sectors of the Maine clean energy industry, community solar provides all the benefits of locally produced, affordable clean energy without any rooftop panels to install or upfront fees. Anyone who pays an electric bill can subscribe to a solar project in their area and actively participate in the transition to clean energy which reduces green-house gas emissions and builds climate resilience and a stronger grid.
About Nautilus Solar Energy, LLC
Nautilus Solar Energy, LLC is a leading owner-operator of solar projects serving the community solar market and corporate customers throughout the United States. A pioneer in solar energy since 2006, Nautilus is committed to creating a clean, sustainable future by offering an equitable and affordable renewable energy choice. Through its Community Solar initiative, Nautilus is making solar energy available to a broader marketplace, including low-to-moderate income (LMI) households and unrated businesses that wish to reduce their carbon footprint and utility bills.
Nautilus Solar Energy is wholly owned by Power Sustainable, a global multi-platform alternative asset manager with a long-term investment approach focused on sustainable strategies. Nautilus owns solar projects throughout their entire lifecycle enabling Nautilus, along with entrusted local partners, to fulfill its promise of creating a better world by powering communities with clean energy for the long term.
About TurningPoint Energy
TurningPoint Energy is a clean energy development, advisory and investment company with solar development projects underway throughout the United States. Its principals have experience developing solar projects for utility and community solar clients totaling more than $3 billion in value over 2 GW of operating solar power plants throughout the United States within the last decade. TurningPoint Energy 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 www.turningpoint-energy.com.