July 31 (Renewables Now) - A subsidiary of diversified management and holding company Power Corporation of Canada (TSE:POW) has taken over US solar developer and asset manager Nautilus Solar Energy LLC, it was announced today.
Power Energy Corporation (PEC) has acquired Nautilus Solar from its management and Virgo Investment Group for an undisclosed sum.
Headquartered in Summit, New Jersey, Nautilus Solar is engaged in the acquisition, development, execution and management of distributed and utility-scale solar projects. Since its inception in 2006, the company has invested more than USD 1 billion (EUR 898m) in capital.
“PEC’s acquisition will not only provide Nautilus with competitive capital, but also the capabilities to accelerate growth to achieve greater scale in the market,” comments Jim Rice, co-CEO of Nautilus Solar.
“We look forward to a continued strong relationship with Nautilus as the developer and asset manager of Virgo’s portfolio of 80 MWs of C&I and community solar serving over 2,000 customers in eight states,” stated Eli Aheto, partner of Virgo Investment Group.
(USD 1.0 = EUR 0.898)