January 13 (Renewables Now) - Nautilus Solar Energy LLC on Monday announced the acquisition of a 31.5-MW portfolio of operating solar farms across the US from Virgo Investment Group.
The portfolio, called Virgo Helios I, includes community solar as well as big commercial and industrial projects across seven states that became operational between 2016 and 2019. The solar facilities serve various customers under long-term power purchase agreements (PPAs).
Nautilus partnered with Virgo on the development, financing and management of the projects and will now continue to operate them.
The deal completes the 2019 acquisition of Nautilus Solar by Power Energy Corporation (PEC), a subsidiary of Power Corporation of Canada (TSE:POW). Nautilus was previously owned by its management and Virgo Investment.
Fifth 3rd Bank and Morrison & Foerster advised Virgo Investment on the transaction, while Nautilus was consulted by National Bank Financial and Rath, Young and Pignatelli.