Industry’s First Investment-Grade Rated Debt Financing Backed Predominantly by a Community Solar Portfolio

Nautilus Solar Energy®, LLC, on behalf of its affiliate Nautilus US Power Holdco, LLC (“Nautilus”), a leading community solar company, announced the successful completion of the issuance of $202M senior secured notes to institutional investors in a private placement transaction. This milestone financing is the first institutional debt financing transaction to secure an investment-grade rating for a 186 MW portfolio comprised mainly of community solar assets and diversified across 58 projects operating in 7 states. The aggregate portfolio provides renewable energy to more than 17,000 residential and commercial subscribers.

The private placement confirms institutional investor interest in both Nautilus and the growing community solar market, validating the segment as a secure renewable energy investment category. This transaction also sets a new institutional financing benchmark for the community solar industry.  

"With the successful closing of this private placement transaction, we are even more well-positioned to continue to grow our community solar business throughout the country. Nautilus Solar is demonstrating how successful renewable energy companies can reach new milestones of financial sustainability" said Jeffery Cheng, CEO of Nautilus Solar Energy.

Camelia Miu, CFO at Nautilus Solar Energy, reflected on the transaction, saying;
"Completing this deal truly required the collaborative effort of the entire company. The fact that institutional investors are investing with us for the long term is a significant vote of confidence and validation of Nautilus’ approach to focus on community solar."

National Bank Financial Inc. and RBC Capital Markets acted as advisor and joint lead placement agents for Nautilus on the private placement transaction. Greenberg Traurig, LLP acted as legal counsel for Nautilus, and Winston & Strawn LLP acted as legal counsel for the investors.

KeyFacts Energy Industry Directory: Nautilus Solar