Nautilus Solar Acquires 15.1MW Community Solar Portfolio
Nautilus Solar Energy, LLC ("Nautilus") announced the acquisition of a 15.1 MW community solar development portfolio from SGC Power ("SGC"), a full life-cycle set provider of products that help solar asset owners invest, build and operate projects which give great financial returns. The six projects are located across five counties and three separate utility territories in Maryland, and will produce enough energy to power 3,300 subscribing households in the region. The projects are at various stages of development and construction with most of the projects expected to reach operational completion by Q4 2020.
The six projects are part of a larger 32.8 MW portfolio of Nautilus community solar facilities located throughout the state. All projects are qualified under the Maryland Community Solar Pilot Program to bring clean, local, job-creating, and affordable energy to all Marylanders.
As part of Nautilus's mission to make renewable energy accessible to all customers through community solar programs, a portion of the power is allocated specifically to qualifying Low-to-Moderate Income (LMI) families. The LMI projects will provide guaranteed 25% savings to more than 1,500 low-income subscribers in Baltimore Gas and Electric (BG&E), Potomac Edison, and Delmarva Power and Light Service Territories. All other residential subscribers to Nautilus community solar projects are guaranteed to save 10% annually, as compared to traditional retail utility rates.
Maryland native Jim Rice, co-CEO and co-Founder of Nautilus Solar Energy proclaimed "Nautilus is proud of our commitment and leadership in providing the benefits of solar power to Maryland residents, regardless of their income or housing situation," said the graduate of Howard High School in Ellicott City and alumnus of the Naval Academy in Annapolis. Commenting on Nautilus's partnership with SGC, Jeffrey Cheng, President of Nautilus Solar added, "we're excited to have completed our first transaction with SGC and look forward to more in the future."
According to Mike Sloan, SGC Power's Managing Partner, "Locally generated renewable energy should be available to all Marylanders. Because of this belief, SGC Power has backed the Maryland community solar program from the beginning. We are excited to see these projects finally being erected and energized. It is only because of the dedication and great teamwork between SGC, Nautilus, state, and county governments that this vision could become a reality."