Nautilus buys 2nd ReneSola community solar portfolio in Minnesota

Solar modules. Featured Image: Jackiso/Shutterstock.com

September 12 (Renewables Now) – Solar assets manager Nautilus Solar Energy LLC has acquired a second 13.3-MW community photovoltaic (PV) portfolio developed by ReneSola (NYSE:SOL), the companies announced in a joint statement on Tuesday.

Just like a year ago, Nautilus has bought a ReneSola portfolio that is qualified under Xcel Energy's (NYSE:XEL) community solar programme in Minnesota. It is expected to be built through the remainder of the year and to start generating power in the first quarter of 2019.

Nautilus has provided early-stage development capital and will be in charge of the long-term asset management services and maintenance for the projects. They will be owned by an affiliate of Virgo Investment Group -- a minority shareholder of Nautilus. The energy generated by the portfolio will be supplied to local community off-takers, located offsite.

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