Nautilus Solar Energy, LLC, a solar solutions provider in the United States and Canada, has completely constructed 14 rooftop projects in Ontario, Canada; totaling approximately 4.1 MW with an additional 6 projects of 1.9 MW expected to be completed by July 2015. Ultimately, the portfolio will reach 24MW.
The project represents one of the largest financings of a distributed generation solar PV portfolio. It was co-developed in partnership by Nautilus Solar Energy, its Canadian subsidiary Nautilus Solar Energy Canada Inc. and Moose Power Inc. This first phase of the projects will total 6.0 MW and is expected to grow to 7.2 MW later this year. The portfolio, representing projects of different sizes, investment structures and stages of completion, will ultimately reach 24 MW. Each project secured 20-year power purchase contracts under the Ontario Power Authority's feed-in tariff (FIT) program.
In addition to developing the projects with Moose Power, Nautilus will also provide physical and financial asset management services.
"These projects represent continued collaborations between commercial property owners and solar developers to leverage rooftop space resulting in increased owner ROI while supporting the development of renewable energy systems throughout Ontario" said David Velasco, Nautilus's Vice President of Construction and Operations.
The portfolio secured both non-recourse financing from Rabobank as well as equity funding from North Sky CleanTech Alliance Fund L.P. and NewWorld Environmental Infrastructure L.P (managed by GoldenSet Capital Partners LLC). The community investment partners include Green Energy Co-operative of Ontario, Inc. (GEGO) and Eagle Lake First Nation.
(Photo: Nautilus Solar's project in New Jersey, Credit: Nautilus Solar)