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March 18, 2019

Nautilus Solar secures financing for solar project in Maryland, US

Nautilus Solar Energy has closed debt financing from Seminole Financial Services for the construction of a 6.6MW community solar project in Maryland, US.

Nautilus Solar Energy has closed debt financing from Seminole Financial Services for the construction of a 6.6MW community solar project in Maryland, US.

The solar facility is expected to become of one of the largest residential community solar projects in the state.

In addition to advancing Maryland’s overall renewable energy goals, the facility is expected to offer nearly 800 homes with energy cost savings. It is expected to begin operations in the second quarter of this year.

“Nautilus is very pleased to continue its relationship with Seminole as we expand into new markets.”

Nautilus president Laura Stern said: “Nautilus is very pleased to continue its relationship with Seminole as we expand into new markets. Such leadership in community solar financing is an important factor in the growth of the sector.”

In November, the company also acquired a 9MW community solar project in Maryland from Power 52 Energy Solutions. The portfolio includes four separate projects located outside of Baltimore, each of which qualifies under the state’s community solar pilot program.

Located within the Baltimore Gas & Electric service territory, the solar projects were expected to be built this year. They will be owned by an affiliate of Virgo Investment Group, a minority shareholder of Nautilus Solar Energy.

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