New Jersey-based Nautilus Solar Energy LLC, a national solar project acquisition, development and asset management company, has acquired a 3 MW community solar portfolio in Rhode Island from ISM Solar Development LLC.
The development is qualified under Rhode Island’s emerging community solar program, says Nautilus. Construction is targeted for completion during the first half of this year.
Nautilus will be responsible for project management, customer subscription, and long-term asset management and maintenance services. The projects will be owned by an affiliate of Virgo Investment Group, which is also a minority shareholder of Nautilus.
The energy generated by the projects will benefit qualified residential off-takers situated within National Grid’s service territory by providing energy cost-savings while also advancing Rhode Island’s overall renewable energy goals, explains Nautilus.
“We’re proud that this project will be one of the first community solar projects in Rhode Island. We’re particularly pleased that the site requires minimal tree clearing, avoids wetland areas and is generally not visible from roads or homes,” says Greg Lucini, CEO of ISM Solar.
Jim Rice, CEO of Nautilus, notes, “We’re particularly excited that this project propels Nautilus’ community solar expansion into Rhode Island, our fifth market entry over the last year.”