SUMMIT, N.J., Feb. 18, 2020 /PRNewswire/ -- Nautilus Solar
Energy, LLC, ("Nautilus"), a nationwide owner-operator of
distributed and community solar projects, announced the acquisition
of a 3.5 MW community solar project in Cranston, Rhode Island from ISM Solar
Development, LLC ("ISM Solar"), a developer of large commercial and
utility-scale solar projects. This solar project is unique as
it resides on a closed landfill that is a former EPA superfund
site. It effectively utilizes land that was otherwise
unusable. This is Nautilus's second acquisition from ISM Solar in
Rhode Island, having previously
closed on the acquisition of a 3.3 MW solar project in Rhode Island last year.
"Thanks to years of cooperation between many stakeholders – the
property owner, responsible parties, regulators, the City of Cranston, and ISM Solar – we are
proudly able to further transform this permanently closed landfill
into a source of local clean energy," said Greg Lucini, CEO of ISM Solar.
The project is qualified under Rhode
Island's Community Remote Net Metering solar program, which
allows Rhode Islander subscribers who want to reduce their carbon
emissions, but cannot install solar panels on their own homes, to
purchase solar power at a discount to the standard electric service
rate. The solar system is expected to serve approximately 700
customer households that reside in National Grid's territory.
Construction is targeted for completion in Q3 2020. Nautilus,
as the owner operator, will be responsible for the construction,
customer acquisition and management, and the long-term operations
and management of this project.
"We are pleased to further extend our presence in the
Rhode Island marketplace and offer
the benefits provided by such a unique community solar project to a
wider audience of local constituents," added Jeffrey Cheng, President of Nautilus Solar.
Nautilus is the leading community solar developer in
Rhode Island, with more
than 30 MW of community solar projects operational or under
construction in the state. It expects to serve more than
5,000 residential customers by 2021, giving strong
support to Rhode Island Governor
Raimondo's renewable energy goal to provide 100% of the
state's electricity needs by 2030. Subscriptions are now
available to eligible customers through Arcadia Power.
https://www.arcadia.com/lp9-ri-partner/?promo=nautilus
About Nautilus Solar Energy, LLC
Nautilus Solar Energy, LLC ("Nautilus") is a leading
owner-operator of distributed generation
and community solar projects located throughout North
America. Over its 14-year history, the Nautilus team has
successfully developed, acquired, managed and invested
over $1.2 billion of capital into solar
projects. Nautilus is wholly owned by Power Energy
Corporation, a subsidiary of Power Corporation of Canada (TSX:POW), a global diversified
management and holding company. Join Nautilus on LinkedIn, Facebook
and Twitter and/or visit www.nautilussolar.com for more
information.
About ISM Solar, LLC
ISM Solar builds solar farms that deliver clean energy savings
to communities, public users, and private users throughout the
country. Its mission is to repurpose underutilized and compromised
space, including landfills, brownfields, and gravel pits, in
pursuit of a sustainable energy economy. Follow ISM Solar on
LinkedIn and Twitter and visit www.ismsolardev.com.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/nautilus-solar-announces-acquisition-of-a-3-5-mw-community-solar-project-in-rhode-island-301005498.html
SOURCE Nautilus Solar Energy, LLC
