Foss & Company Announces Tax Equity Partnership with Nautilus Solar Energy, LLC
The ~$42 million community solar portfolio totals 44 MWdc in Maine, Minnesota and Maryland
SAN FRANCISCO, Jan. 25, 2023 /PRNewswire/ -- Foss & Company, a leading institutional investment fund sponsor, has announced that it closed on the first tranche of tax equity partnership with Nautilus Solar Energy®, LLC ("Nautilus") on behalf of its affiliate Nautilus US Power Holdco, LLC ("NUPH"), a leading community solar company. The first tranche totals approximately ~$42 million of investment for over 44 MWdc of projects spread across three states, including Maine, Minnesota, and Maryland.
"We could not be more excited to be partnering with Nautilus on this incredible portfolio," says Bryen Alperin, managing director, Foss & Company. "This portfolio will not only aim to bring new jobs and tax revenue to these three states, but once it is operational, these sites will provide low-income families and small businesses in these communities with increased access to low-cost, clean electricity. We look forward to partnering with Nautilus on many similarly impactful projects in the future."
These projects aim to provide much needed alternative energy to the northeast area of the United States and are expected to be fully operational in 2023.
"Our partnership with Foss and Company allows for community solar projects to enter many more markets in the US. This transaction helps Nautilus continue realizing its vision of creating a clean, sustainable future by offering an equitable and affordable renewable energy choice. We are thrilled to have Foss and Company be a partner that helps us achieve that vision," said Camelia Miu, chief financial officer at Nautilus. "This transaction allows us to unlock the full value of these projects and helps attain our mission to be the trusted provider of clean energy to local communities."
NUPH is the long-term owner of the projects, with Nautilus Solar Energy responsible for overseeing construction, maintaining its long-term performance, and acquiring and managing customer subscriptions through its proprietary community solar subscriber management and acquisition platform.
About Foss & Company
Founded in 1983, Foss & Company is a national tax equity investor and fund sponsor that has deployed over $8 billion in tax equity on behalf of insurance, banking, and other large corporate clients into tax credit enhanced transactions including historic rehabilitation projects, renewable energy and advanced energy production facilities. Foss & Company is a full-service advisor with proven expertise navigating the world of tax equity investments. For additional information, visit www.fossandco.com.
About Nautilus Solar Energy
Nautilus Solar Energy®, LLC is a leading community solar company, providing clean energy to residential and commercial customers in local communities. Nautilus operates and manages solar farms in 10 states and is responsible for financing, development, maintenance, and customer service for the lifetime of the project. Founded in 2006, Nautilus has helped shape the future of solar to provide an equitable and affordable renewable energy choice for all. Nautilus is owned by Power Sustainable, a wholly owned subsidiary of Power Corporation of Canada. Power Sustainable is a multi-platform alternative asset manager with a long-term investment approach focused on sustainable strategies. For more information on Nautilus Solar Energy visit nautilussolar.com. Join Nautilus on LinkedIn, Facebook, Instagram, and Twitter.
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SOURCE Foss & Company