Nautilus Solar Energy has closed the acquisition of the Oxnard Plaza Apartment solar project in the North Hollywood neighborhood of Los Angeles on behalf of one of its investment partners. Nautilus says it will provide the operations management for the project.
The power produced by the system will be sold for the next 20 years to the L.A. Department of Water and Power (LADWP) under its 150 MW Clean L.A. Solar feed-in tariff program.
‘LADWP and the City of Los Angeles have shown great leadership by developing this unprecedented program, which is the largest of its kind in the United States," says Nautilus Solar CEO James Rice. ‘We are working with a number of local businesses to prepare for the round-two bid process and are looking for other partners and investment opportunities in the program.’