NJ firm acquires 8 Maine community solar projects, as industry is re-energized
File Photo / Maureen Milliken
Laws passed in June 2019 have spurred new development and investment in Maine solar projects, and allowed for net metering of new, larger arrays.
As Maine’s solar-power industry enjoys a new jolt of investment, eight planned community solar facilities across the state have been sold to a New Jersey company.
Nautilus Solar Energy LLC has acquired the projects, totaling 47.2 megawatts in projected capacity, from ISM Solar Development LLC for an undisclosed price, according to a news release Thursday.
The solar developments are in Cumberland, Knox, Oxford and York counties, but specific locations were not immediately available.
Nautilus expects to break ground on the projects in the third quarter of this year. Nautilus said that when completed, the solar arrays will be able to power almost 10,000 households within the territory of Central Maine Power Co., the state’s largest electric utility.
In January, Nautilus entered the Maine solar market with acquisitions of three community projects, in Fryeburg, Sanford and Wells. Those developments, launched and sold by Walden Renewables Development LLC, are expected to have a combined capacity of 19.2 MW.
In addition to curbing greenhouse gas emissions from the use of fossil-fueled power plants, Nautilus said its Maine projects will create about 100 construction and ongoing operations jobs.
The company credited its interest in Maine to 2019 laws that have made the state more attractive to solar development. They include regulatory changes for net metering — the ability to store excess generated energy for later use or sale. A new law raises the cap to allow arrays up to 5 MW, which could cover as much as 20 to 25 acres, up from 660 kilowatts, the size of an array on three or four acres.
Other signs of Maine’s reinvigorated solar industry include the November sale of a 50-MW development at the Sanford Seacoast Regional Airport to an investor group, as part of a $300 million, seven-site acquisition. There have also been smaller deals, such as a $2.4 million contract last September for a Vermont company to build a 6.8-MW solar system in the Portland area. It’s the first Maine project for Peck Co. Holdings Inc.
Nautilus, headquartered in Summit, N.J., typically acquires solar projects in mid- or late-stage development. The company has developed and managed hundreds of solar installations, from community projects to large commercial ones, according to its website. Nautilus is owned by Power Sustainable Capital, a Montreal-based sustainable energy company.
Commenting on the eight new projects, Nautilus Co-CEO Jim Rice said in the release, "This acquisition significantly expands our renewable energy presence in Maine, and symbolizes Nautilus's pledge to provide equitable, affordable access to community solar for all Mainers."
The CEO of ISM Solar, Greg Lucini, added, "My family has lived on Thompson Lake for over 25 years and we have an office in Poland. With local ties and a vested interest in Maine, we're particularly proud to play a role in bringing community solar to our neighbors.”
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