ReneSola and Nautilus Solar Energy have reported the acquisition by Nautilus of a 10.4 MW community solar portfolio developed in Minnesota by ReneSola Power.
The portfolio consists of eight solar installations with single axis trackers, each commonly referred to as solar garden. The projects are spread throughout counties the southern half of Minnesota, and are built to generate enough electricity to power over 1.450 households.
The portfolio is expected to be made available online by the fourth quarter of 2020.
For this portfolio Nautilus will be responsible for project management, long-term asset management and subscriber management and maintenance services. ReneSola Power will be responsible for securing the subscribers, in addition to having developed the projects.
The electricity generated by the projects would help directly qualified commercial and residential off-takers located within the service territory of Xcel Energy by providing energy cost savings while also promoting Minnesota’s 10 percent solar energy target by 2030.
“We are excited to be working with the Nautilus team. This transaction once again demonstrates the project development expertise of our team in Minneapolis. Despite ongoing macro uncertainties, both Nautilus and ReneSola teams successfully completed the transaction. Community solar remains an attractive market for us in the U.S., and we look forward to collaborating with Nautilus on other solar opportunities in the near future,” commented Yumin Liu, Chief Executive Officer of ReneSola Power.John Ewen, CEO of ReneSola Power North America.
“With this acquisition, we are able to significantly expand our subscriber presence in the Minnesota community solar marketplace to service smaller commercial and even residential customers. This successful transaction, being the fourth deal consummated with the ReneSolateam over the last 3 years, further exemplifies Nautilus’s long-term commitment to working closely with our development partners.”Jeffrey Cheng, President of Nautilus Solar.