Nautilus Solar Energy, a United States solar developer and asset manager, announced its acquisition by Power Energy Corporation (PEC), a subsidiary of Power Corporation of Canada, a management and holding company.
The 100% acquisition from management and Virgo Investment Group brings together PEC’s financial strength and commitment to long-term asset ownership. The current management team is excited to lead the company under the new ownership, said Jim Rice, co-CEO.
“This transaction supports Nautilus’s established strategy of acquiring, developing, financing, owning and managing solar assets throughout the U.S., with a focus on community solar markets. PEC’s acquisition will not only provide Nautilus with competitive capital but also the capabilities to accelerate growth to achieve greater scale in the market,” he said.
Nautilus Solar will continue to manage the solar portfolio developed with Virgo Investment Group.
“We are excited to reach this milestone with Nautilus after having partnered with the management team for the past four years to build one of the country’s leading community solar developers at the nascent stages of the community solar sector,” said Eli Aheto, Partner of Virgo Investment Group. “We look forward to a continued strong relationship with Nautilus as the developer and asset manager of Virgo’s portfolio of 80 MW of C&I and community solar, serving over 2,000 customers in eight states.”
Pierre-Olivier Perras, president of Power Energy, said: “Our investment into Nautilus is truly aligned with our philosophy of supporting entrepreneurial teams in achieving our long-term value creation model. We have the highest confidence in the team’s ability to lead the company through the evolving community solar sector.”
News item from Nautilus Solar Energy