Nautilus Solar Energy Gets $39 Million for Projects in OntarioJustin Doom
Nautilus Solar Energy LLC, a Summit, New Jersey-based renewable-energy developer, arranged $39 million in financing to build 8 megawatts of distributed-generation power plants in Ontario.
Rabobank Group is providing the construction and term loan, Nautilus said today in a statement.
The projects will be co-developed with Moose Power Inc. and included in Ontario’s feed-in tariff program, which guarantees above-market rates for selling energy produced from clean sources. The power projects also are backed by several community cooperatives.
Nautilus may use the model to arrange financing for additional industrial- and commercial-scale projects, Chief Executive Officer Jim Rice said today in an interview.
“Everybody’s hope would be that now that we’ve built this structure, we could go up from 8 megawatts to, say, 20 megawatts,” he said. “It’s being driven by this tariff program.”
Community investors include Green Energy Co-operative of Ontario Inc. and Eagle Lake First Nation. North Sky CleanTech Alliance Fund LP and NewWorld Environmental Infrastructure LP also provided equity investments.
Distributed-generation projects, such as rooftop solar, are built close to the customers that will use the power.