SUMMIT, N.J., April 29, 2020 /PRNewswire/ -- Nautilus Solar
Energy, LLC ("Nautilus"), a leading
owner-operator of distributed generation
and community solar projects located throughout North America closed a $90 million debt financing agreement led by
National Bank of Canada "NBC" and including Royal Bank of
Canada ("RBC") as lender. The
financing consists of a $75 million
revolving construction facility and a $15
million letter of credit facility. The proceeds provide
Nautilus with competitive capital for its well- established
platform for acquisition, development, construction and management
of solar assets, and will propel the company's further expansion
into key community solar markets throughout the United States. The construction facility
will fund approximately 100 MW of community solar projects in
Rhode Island, Maryland, New
York and Minnesota. The
construction loan is expected to be taken out with a term debt
facility provided by the same bank group.
"Nautilus is very pleased to have worked with NBC and RBC on
this financing and look forward to growing our business
relationship in the future,"
said Laura E. Stern, co-CEO of Nautilus. "Such financing
partnerships are vital as we continue to achieve greater scale in
the community solar sector of the industry."
"We are proud to have partnered with Nautilus. This transaction
fits well within our strategy to expand our renewables banking and
advisory practice outside Canada.
We look forward to growing our relationship over the next several
years", said Alexandre Huot,
Managing Director at National Bank of Canada.
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 National Bank of Canada
With $289
billion in assets as at January 31,
2020, National Bank of Canada, together with its subsidiaries, forms
one of Canada's leading integrated
financial groups. It has more than 26,000 employees in
knowledge-intensive positions and has been recognized numerous
times as a top employer and for its commitment to diversity. Its
securities are listed on the Toronto Stock Exchange (TSX: NA).
Follow the Bank's activities at nbc.ca or via social media
such as Facebook, LinkedIn and Twitter.
About Royal Bank of Canada
Royal Bank of Canada is a global financial institution with
a purpose-driven, principles-led approach to delivering leading
performance. Our success comes from the 85,000+ employees who
bring our vision, values and strategy to life so we can help our
clients thrive and communities prosper. As Canada's biggest
bank, and one of the largest in the world based on market
capitalization, we have a diversified business model with a focus
on innovation and providing exceptional experiences to our 17
million clients in Canada, the
U.S. and 34 other countries. Learn more at rbc.com.
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SOURCE Nautilus Solar Energy, LLC
