Nautilus Solar Energy, LLC ("Nautilus") and TurningPoint Energy ("TPE") announce their collaboration on six community solar projects in Delaware totaling 28.7 MWdc of solar capacity. The projects, located in Kent, New Castle, and Sussex Counties, are in the late stages of development and are expected to start construction during 2024. The acquisition of the portfolio marks Nautilus's entry into the Delaware market and is the third transaction between Nautilus and TPE, demonstrating the strong partnership between the two organizations.
The six projects were developed by TPE as part of Delaware's community solar program. Originally signed into law in September 2021, the program accelerates the adoption of community solar projects by removing existing barriers to participation and promulgating a requirement that reserves 15% of each project's capacity for low-income customers. The law was years in the making with many stakeholders through a working group organized by State Senator Stephanie Hansen, Chair of the Senate Energy, Environment and Transportation Committee.
"The level of investment that Nautilus Solar Energy and TurningPoint Energy are making here in Delaware is exactly what I had hoped for when I first proposed Senate Bill 2 last year," said Senator Hansen. "Thanks to the projects announced today, hundreds of our neighbors who otherwise would have been excluded from the solar revolution will soon be able to power their homes and businesses with clean, reliable, and less expensive electricity than what's available from fossil-fuel burning power plants. Getting here was truly a team effort and I want to thank both companies as well as the many Delaware energy stakeholders who provided input into the legislation that made this possible."
Nautilus is the long-term owner of the projects and is responsible for overseeing construction, maintaining its long-term performance, and acquiring and managing customer subscriptions. Delmarva Power and Light (DPL) customers are eligible to join one of the projects through Nautilus with no upfront cost.
"This acquisition marks our exciting entry into the Delaware market, a milestone made even more meaningful by our partnership with TPE. This initiative underlines Nautilus's commitment to our partners and reaffirms our aim to be a leading community solar company with projects located across the country," said Eric Paul, Vice President of Partner Development at Nautilus.
"This is TurningPoint Energy's first demonstration of coming through on our overall commitment to invest over $100MM in the Delaware community solar market. We're thankful to continue to work in strategic partnership with Nautilus to make good on the first portion of this commitment," said Salar Naini, Executive Vice President of TurningPoint Energy. "We look forward to completing additional community solar project portfolios in Delaware, which we continue to develop and finance in parallel."
The six projects will create construction and ongoing operational jobs along with collaboration and investment into local Delaware businesses on legal, permitting, engineering, construction, and related activities to support these developments.
Additionally, TPE makes a charitable community investment commitment in each of its community solar project communities. For these six projects, TPE has designated a total of $120,000 in planned donations to local organizations and Nautilus has committed to match this commitment to double the total community investment in Delaware to $240,000.
Once completed, the community solar projects will provide clean energy to more than 5,000 residential and small commercial subscribers within DPL's utility territory. Over their lifetime, the projects are expected to generate approximately 50 million kWh annually, contributing to Delaware's stated goals of providing economic growth, workforce opportunities, and 40 percent renewable energy by 2035.
About TurningPoint Energy
TurningPoint Energy is a clean energy development, advisory and investment company with solar development projects underway throughout the United States. Its principals have experience developing solar projects for utility and community solar clients totaling more than $3 billion in value over 2 GW of operating solar power plants throughout the United States within the last decade. TurningPoint Energy is a lean, privately held firm that adapts to its clients' needs and finds ways to invest in its clients and their communities at every turning point. For more information, please visit turningpoint-energy.com.
About Nautilus Solar Energy, LLC
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.
Contacts
Media Inquiries:
For TurningPoint Energy: Christy Scott, Director of Marketing, TurningPoint Energy, (c) 984-209-0634, cscott@tpoint-e.com
For Nautilus Solar: Carlene Pruitt, Public Relations/Communications, Nautilus Solar Energy LLC, 908-795-3038, carlene@nautilussolar.com
For more information
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Summit New Jersey
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www.nautilussolar.com
