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Solar project development and asset management major, Nautilus Solar Energy LLC, has reportedly announced its acquisition of two solar portfolios in Rhode Island and Oregon amounting to a total of nearly 17 MW from leading solar energy developer, Pine Gate Renewables. While both projects are in the early-to-mid stages of development, Nautilus has decided to take each portfolio to completion by being responsible for the maintenance and long-term asset management for these projects.
According to Jeffrey Cheng, the President of Nautilus Solar Energy, the company will significantly extend its renewable energy presence in Rhode Island and Oregon with these acquisitions. He has further stated that this transaction exemplifies Nautilus’s dedication to becoming a leading buyer of solar portfolios as well as working in close cooperation with partners in its early stage development.
The 3MW development site in Rhode Island is situated in the Providence County and will reportedly generate enough energy to power the equivalent of 680 households located within the National Grid service territory. While the project is likely to be placed in service over 2022, the purchase of this site is an essential advancement in Nautilus’s dedication towards clean energy in Rhode Island, thereby escalates the company’s solar portfolio in the state to more than 34MW.
As per reports, the 14MW portfolio in Oregon comprises five developments situated across four counties in Western Oregon. The energy produced out of these projects will directly prove to be beneficial for qualified residential off-takers located within the Pacific Power and Portland General Electric (PGE) service territories by offering energy cost savings and advancing the state’s total community renewable and solar objectives.
Patty Wright, the Vice President of Development at Pine Gate Renewables, has stated that the company is glad that Nautilus Solar has acquired these projects for delivering more renewable energy to Rhode Island and Oregon. He has further added that Pine Gate works with developers and landowners at all stages of a project’s lifecycle, effectively generating long-term asset value for its customers.
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