ReneSola and Nautilus Solar Energy announced Nautilus’s acquisition of an approximately 13.3 MW community solar portfolio previously developed by ReneSola.
The community solar portfolio, qualified under Xcel Energy’s burgeoning community solar program, is located in the rapidly expanding Minnesota solar marketplace.
The portfolio is expected to be built through the remainder of 2017, coming online during Q1 2018.
Now that Nautilus has finalized the transaction with ReneSola, the projects will be owned by an affiliate of Virgo Investment Group, which is also a minority shareholder of Nautilus Solar Energy.
“The transaction demonstrates our strong execution in project development. We believe community solar to be an attractive market for us in the U.S.,” said, Kevin Chen, CEO of ReneSola Power Holdings, the U.S. project development arm of ReneSola. “We look forward to continue working with the Nautilus team on other solar opportunities from our national development portfolio.”
“This deal continues the exciting growth strategy that we announced last year and expands our focus and capabilities to include community solar developments,” said Jim Rice, CEO of Nautilus Solar.
The acquisition also comes as part of Nautilus’s expansion strategy into newer solar markets located throughout the U.S.