Nautilus Solar Energy, LLC, on behalf of its affiliate Nautilus US Power Holdco, LLC, has announced closing of a $58 million tax equity commitment with U.S. Bancorp Community Development Corporation (USBCDC), a subsidiary of U.S. Bank. The investors will provide competitive tax equity financing for fourteen community solar projects across Colorado, Maine, and New York, amounting to approximately 68 MWdc of installed capacity. All projects are expected to be placed in service in 2022, providing clean energy to nearly 6,600 residential homeowners and renters, local businesses, non-profit organizations, and corporate customers.
"U.S. Bank's industry expertise and innovative financing solutions have provided the ideal partnership," said Laura Stern, co-CEO of Nautilus. "This transaction allows us to unlock the full value of these projects, expanding access to clean low-cost electricity for small businesses and households." Camelia Miu, Chief Financial Officer of Nautilus, added, "Our partnership with U.S. Bank proves that investment solutions for smaller community solar projects can be used to bring renewable energy to many markets in the US. We are thrilled to have the U.S. Bank team alongside us in the process."
"We're excited to partner with Nautilus to grow community solar in Colorado, Maine and New York," said Justin Baker, vice president with USBCDC's Environmental Finance team. "Solar investments like this are a tangible way U.S. Bank can be a responsible steward of the environment and combat climate change while creating jobs and positively impacting local communities."
This transaction is the first community solar portfolio financing between U.S. Bank and Nautilus. Marathon Capital acted as the exclusive financial advisor to Nautilus on the deal.
Nautilus is the long-term owner of the projects, with Nautilus Solar Energy responsible for overseeing construction, maintaining its long-term performance, and acquiring and managing customer subscriptions through its proprietary community solar subscriber management and acquisition platform.
The 7.3MW Farmingdale, ME community solar farm is one of fourteen projects owned and operated by Nautilus Solar Energy to be financed through a $58 million tax equity commitment with U.S. Bank. This community solar project will provide clean energy to 776 local homeowners, renters, local businesses, and non-profit organizations, all of whom would not otherwise be able to benefit from solar power.
