ReneSola Sells 10.4 MW Solar Portfolio to Nautilus in Minnesota

In a series of the fourth transaction between the two companies, ReneSola Ltd, a leading solar project developer, has sold its 10.4 MW community solar portfolio to Nautilus Solar Energy, owner and operator of distributed and utility-scale solar energy projects.

The solar projects’ portfolio is comprised of 8 single-axis tracker solar installations, each commonly referred to as a solar garden and are located in counties across the southern half of Minnesota. These solar plants are expected to power more than 1,450 homes.

As per the deal, Nautilus will be responsible for project management, long-term asset and subscriber management and maintenance services for this portfolio, while, ReneSola will be responsible for securing the subscribers.

Also, the energy generated from these projects will directly benefit the qualified commercial and residential off-takers situated within Xcel Energy’s service territory by providing energy cost savings and also advancing Minnesota’s 10 per cent solar energy goal by 2030.

Commenting on the deal, Yumin Liu, Chief Executive Officer of ReneSola Power, said that “despite ongoing macro uncertainties, both Nautilus and ReneSola teams successfully completed the transaction. Community solar remains an attractive market for us in the US, and we look forward to collaborating with Nautilus on other solar opportunities in the near future.”

This portfolio qualified under Xcel Energy’s community solar program in Minnesota, similarly to previous acquisitions, including the 21 MW purchase in 2019 and the two-13.3 MW acquisitions announced in 2017 and 2018.

On acquiring the solar portfolio, Jim Rice, Co-CEO of Nautilus Solar, said that “with this acquisition, we are able to significantly expand our subscriber presence in the Minnesota community solar marketplace to service smaller commercial and even residential customers.”

“This successful transaction, being the fourth deal consummated with the ReneSola team over the last 3 years, further exemplifies Nautilus’s long-term commitment to working closely with our development partners,” commented Jeffrey Cheng, President of Nautilus Solar.

Meanwhile, the company is expected to commence operations by the fourth quarter of 2020.

In April 2020, Nautilus has sealed a USD 90 million debt financing deal with two Canadian lenders i.e. National Bank of Canada (NBC) and Royal Bank of Canada (RBC). As per the agreement signed, the financing will be in two parts i.e. a USD 75 million for revolving construction facility and another USD 15 million for Letter of Credit facility.