Nautilus Solar CEO discusses recent Midwestern portfolio acquisition

Nautilus Solar announced today that they've acquired a 270 MW community solar portfolio of early-stage projects from ESA Solar Development Group (ESA) in premature markets in the Midwest.

The projects are referred to as "early-stage" because they are located in markets that do not have firm community solar legislation, said Nautilus CEO Jeffrey Cheng in an interview with NPM.

“With any early-stage development in new markets, there is always risk,” Cheng said. “This is why our partnership with ESA is important as we can take on risks together, navigate challenges, and help expand community solar into new markets.”

The two developers will jointly develop the projects, which require final interconnection and permitting, and Nautilus will take over long-term ownership and operation, according to Cheng.

Cheng was unable to disclose which states the projects are located.

At the moment, Ohio, Michigan, and Wisconsin, are the only midwestern states with pending community solar legislation. Earlier this month, a bill was proposed in Ohio that would create a pilot program in the state and deliver 1,500 MW over the next few years. In Michigan and Wisconsin, bill's have been motionless since they were proposed earlier this year.

The transaction is the first between the two developers and the largest early-stage acquisition and co-development Nautilus has had to date.

Piper Sandler advised ESA on the transaction.

*This story was originally published exclusively for NPM subscribers last month.


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