Nautilus Solar Energy LLC, on behalf of its Nautilus US Power Holdco LLC subsidiary, has acquired two community solar portfolios in Maine, with five projects totaling 26.2 MW from BNRG Maine LLC (d/b/a BNRG Dirigo).
The projects, located in Cumberland, Kennebec and Penobscot counties, are in various stages of development, with the first projects expected to reach operation by the third quarter of 2022. Once completed, the community solar projects will provide an alternative energy option to 6,000 residential households within Central Maine Power (CMP) electric utility territory and to commercial off-takers within the Versant electric utility territory.
These portfolios are part of Maine’s Net Energy Billing program, amended by Governor Mills to provide renewable energy benefits 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. Any residential CMP utility customer is eligible to subscribe to the projects through Nautilus with no upfront cost, no long-term commitment, and no cancellation fees.
Nautilus Solar acquired these portfolios in two separate transactions with BNRG Maine, a joint venture between BNRG Renewables and Dirigo Solar. Both firms have significant experience developing solar projects in Maine. Nautilus has acquired and developed more than 92 MW of community solar projects in Maine, of which 52 MW will be operational end of Q3 2022 and 88 MW by the end of 2022.
“After our first successful transaction with the BNRG Maine team where we had to overcome many market challenges, it was a pleasure to work closely with them again on the second transaction,” says Daniela Pangallo, director of business development for Nautilus. “Not only did their local expertise expedite timelines and reduce development risks in this emerging solar market, but they also proved once again to be creative and reliable partners. We really appreciate the opportunity for repetitive business with them.”
“Nautilus is a leader in the community solar space and clearly dedicated to supporting Maine’s energy growth,” states Nicholas Mazuroski, co-founder for Dirigo Solar. “Their team appreciates the local importance of these assets, and we look forward to supporting them through energization for the benefit of Maine homes and businesses.”
“BNRG Dirigo is delighted to work with the Nautilus team to bring these community solar assets online, providing both green power and significant savings to Mainers,” adds Rebecca Kelly, head of investment and financing at BNRG Renewables. “Through this portfolio and BNRG Maine’s broader investment in solar deployment in Maine, we continue our investment and belief in Maine as a strong leader and supporter of the energy transition.”