October 26 (Renewables Now) - New Jersey-based Nautilus Solar Energy LLC said today it has bought a community solar portfolio in Massachusetts with a capacity of around 5.4 MW from Clean Energy Collective (CEC).
The portfolio includes fully-constructed and subscribed community solar assets that should be online by the end of the year, according to the announcement. It will be owned by an affiliate of the Virgo Investment Group, which is a minority investor in Nautilus.
Before the transfer of the portfolio, CEC delivered customer acquisition, project development and construction management services, while Nautilus provided development capital. The latter will be in charge of managing and maintaining the assets in the long term.
The financial details around the transaction were not disclosed.