Nautilus Solar Energy has closed a $275 million long-term debt facility. The financing will support the development of more than 25 community solar projects expected to become operational within the next year across Illinois, Maryland, Delaware, New York, and Rhode Island. These projects will reportedly add over 130 MW of capacity to local grids. Additionally, they will expand Nautilus’s total operating and managed portfolio to 700 MW.
Once completed, the projects are expected to supply energy to over 11,000 households and small businesses. Furthermore, the deal adds three new financial partners, MUFG, SMBC, and Apterra Infrastructure Capital, to Nautilus’ lender base. MUFG acted as administrative agent, while Apterra served as co-lead arranger. Cadence Bank was the depository agent and BNY Mellon was the collateral agent. Legal support was provided by Sheppard Mullin for Nautilus and Milbank LLP for the lenders.
Nautilus Solar, founded in 2006 and backed by Power Sustainable, is a solar energy company involved in the development, construction, maintenance, project financing and customer management of community solar projects in US. The company caters to residential and commercial customers, and currently operates and manages around 146 community solar farms across 12 US states.