US-based solar developer and asset manager Nautilus Solar Energy has been acquired by Power Corporation of Canada’s subsidiary Power Energy Corporation (PEC). Financial details of the deal have not been divulged by both the companies.

Headquartered in Summit, New Jersey, Nautilus acquires, develops, executes and manages distributed and utility-scaled generation solar projects.

Since its inception in 2006, Nautilus has invested more than $1bn in the capital and provided asset management services to distributed, community solar and utility projects across North America.

The company will be led by the current management team under the new ownership. With the acquisition, Jim Rice and Laura Stern will now serve as co-CEOs and Jeffrey Cheng as president.

Nautilus Solar Energy co-CEO Jim Rice said: “This transaction supports Nautilus’s established strategy of acquiring, developing, financing, owning and managing solar assets throughout the US, with a focus on community solar markets.

“PEC’s acquisition will not only provide Nautilus with competitive capital but also the capabilities to accelerate growth to achieve greater scale in the market.”

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PEC intends to further enhance Nautilus’s platform into key community solar markets in the US.

Additionally, the company will continue to manage the solar portfolio developed with Virgo Investment Group.

Power Energy president Pierre-Olivier Perras said: “Our investment into Nautilus is truly aligned with our philosophy of supporting entrepreneurial teams in achieving our long-term value creation model.

“We have the highest confidence in the team’s ability to lead the company through the evolving community solar sector.”