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Foss & Company has announced that it closed on the first tranche of tax equity partnership with Nautilus Solar Energy®, LLC on behalf of its affiliate Nautilus US Power Holdco, LLC. The first tranche totals approximately ~$42 million of investment for over 44 MWdc of projects spread across three states, including Maine, Minnesota, and Maryland.
"We could not be more excited to be partnering with Nautilus on this incredible portfolio," says Bryen Alperin, managing director, Foss & Company. "This portfolio will not only aim to bring new jobs and tax revenue to these three states, but once it is operational, these sites will provide low-income families and small businesses in these communities with increased access to low-cost, clean electricity. We look forward to partnering with Nautilus on many similarly impactful projects in the future."
These projects aim to provide much-needed alternative energy to the northeast area of the United States and are expected to be fully operational in 2023.
"Our partnership with Foss and Company allows for community solar projects to enter many more markets in the US. This transaction helps Nautilus continue realizing its vision of creating a clean, sustainable future by offering an equitable and affordable renewable energy choice. We are thrilled to have Foss and Company be a partner that helps us achieve that vision," said Camelia Miu, chief financial officer at Nautilus. "This transaction allows us to unlock the full value of these projects and helps attain our mission to be the trusted provider of clean energy to local communities."
NUPH is the long-term owner of the projects, with Nautilus Solar Energy responsible for overseeing construction, maintaining its long-term performance, and acquiring and managing customer subscriptions through its proprietary community solar subscriber management and acquisition platform.