Nautilus Solar Announces the Acquisition of One of the Largest Virtual Net Metering Solar Projects in Massachusetts
Nautilus Solar Energy, LLC (“Nautilus”), a leading national solar project development and asset management company today announced the acquisition of a ~7.4 MW ground-mounted solar project located in Massachusetts from Seaboard Solar Holdings, LLC (“Seaboard”).
Nautilus has been working with Seaboard through the solar development, acquisition and will now oversee the final development and construction of the project. The project will be owned by Virgo Helios, LLC, an affiliate of Virgo Investment Group, which is also a minority shareholder of Nautilus. Nautilus, through its full service platform, will provide asset management services once the project is placed in service. The project’s power offtake agreement benefits low-income housing authorities, who have signed up to receive the project’s net metering credits.
The acquisition comes as part of Nautilus’s robust expansion strategy into the New England marketplace. “We are very excited to announce this acquisition, as this development is one of the largest virtual net metering solar developments in Massachusetts and adds high-quality assets to our growing portfolio with Virgo,” said Jim Rice, CEO of Nautilus Solar. “Going forward, we continue to seek new opportunities in the region to further leverage our platform.”
“Nautilus has quickly been gaining traction throughout New England,” remarked Shawn Brazo, President of Seaboard Solar Holdings. “Through this complex acquisition process, we’ve seen that the Nautilus team is capable of delivering outstanding results in an expedited manner and we look forward to continue working with their team on other solar developments.”