Community solar company Nautilus Solar Energy (Nautilus), on behalf of its subsidiary Nautilus US Power Holdco (NUPH), announced the acquisition of a 7.6 MW community solar portfolio of two projects in the State of Maine from renewable energy company National Renewable Solutions (NRS ).

These community solar projects in the City of Presque Isle are in late stage development and are expected to be operational in the third quarter of 2023. Upon completion, the projects will provide an alternative energy option for Presque Isle and other commercial consumers within the Versant Power public utility’s Maine Public County service area.

It is worth noting that the transaction between the two parties overcame several challenges, including a strict planning and construction schedule to accommodate weather restrictions in northern Maine.

“We are very proud of our team, who managed a fast and complex transaction in a creative, flexible and proactive way. It has also been a pleasure to work with NRS as their expertise has helped reduce timelines and development risks in this emerging solar market. said Daniela Pangallo, Business Development Director at Nautilus. “This acquisition demonstrates Nautilus’ commitment to working closely with our development partners and expands our overall presence as the leading community solar company in the United States,” added Jeffrey Cheng, CEO of Nautilus.

The projects are part of Maine’s Net Energy Billing Program (NEB), which allows customers to receive renewable energy benefits and a cash bill at a prescribed rate. Nautilus’ subsidiary, NUPH, is the long-term owner of the projects and Nautilus is responsible for overseeing construction, maintaining its long-term performance and acquiring and managing customer subscriptions.

According to Nautilus, these solar projects can generate electricity when fully operational over 11 million kilowatt hours (kWh) annuallycontributing to Maine’s goal of achieving 80% clean energy by 2030 and 100% clean energy by 2050 in its energy mix.