November 28 (Renewables Now) - New Jersey-based Nautilus Solar Energy LLC on Tuesday announced the acquisition of a 9-MW community solar development portfolio consisting of four projects in Maryland.
The portfolio was acquired from local renewables developer Power52 Energy Solutions for an undisclosed amount. The particular projects, all of which will be located outside Baltimore, will be owned by an affiliate of Virgo Investment Group, which is a minority shareholder of Nautilus.
Nautilus said it will take care of project management, long-term asset management and maintenance services for the four schemes, which have been accredited under Maryland's community solar pilot programme. The company expects the construction and commissioning of the plants to take place next year. Electricity from the four solar farms will be delivered to residential clients within utility Baltimore Gas & Electric’s service territory.
The acquisition follows Nautilus' recent purchase of a 6.6-MW community photovoltaic (PV) portfolio in Maryland, developed by Summit Ridge Energy and Synergen Solar. The four plants part of the portfolio are seen to start generating power in early 2019.