In addition to developing the portfolio, Borrego Solar will design, engineer, construct as well as maintain the systems. Nautilus will be responsible for the project management as the long-term owner and operator of the portfolio. Construction is targeted for completion during Q3 2020.
Comprised of three solar projects in Monroe and Saratoga counties, the portfolio will produce enough safe, pollution-free, energy to power 1,500 homes. The portfolio has also been awarded NYSERDA Megawatt Block allocations and NY-SUN incentives.
“It has been a pleasure to forge this relationship with Borrego Solar” said Jim Rice, CEO of Nautilus.
Jeffrey Cheng, President of Nautilus, added that the company has been impressed with the level of expertise and professionalism Borrego has demonstrated throughout the acquisition process and that the project propels Nautilus’s community solar expansion into New York, marking part of its first wave of portfolio acquisitions since being acquired by Power Energy Corporation.
Under the Community Solar model, qualified commercial and residential National Grid’s New York customers can become subscribers for a portion of the energy produced by a system, which show up in the form of credits on their utility bills. The popularity of the model with New York customers is evident in the fact that the commercial subscriber allocations are already full and there are a limited number of residential subscriptions available.
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