SUMMIT, N.J., July 24, 2011 /PRNewswire/ -- Nautilus Solar
Energy, LLC, one of the largest privately-held solar IPPs in the
US, has closed its most recent financing for an approximately 9 MW
portfolio of solar photovoltaic projects in the Northeast and
California. The financing,
provided by a subsidiary of U.S. Bancorp (NYSE: USB) and an
affiliate of KeyCorp (NYSE: KEY), provides long-term tax equity and
debt financing for a series of distributed generation projects
under 15-20 year power purchase agreements.
In addition to its US portfolio, Nautilus Solar is currently in
discussions with lenders for the financing of a 10 MW portfolio of
distributed generation projects under the Ontario Power Authority's
FIT program. The company owns or manages over 74 MW of PV
projects and is actively building out a 100 MW pipeline over the
next 24 months.
Laura Stern, President of
Nautilus Solar Energy, commented, "We are extremely pleased to
partner with U.S. Bank and KeyBank on this innovative, non-recourse
portfolio transaction. This successful financing demonstrates the
availability of capital for well-structured distributed generation
projects in the Northeast."
The projects are a combination of rooftop, canopy and
ground-mounted installations that are expected to save their
customers—school districts and municipalities in New Jersey, Maryland and California—over $17 million
during the term of the PPAs.
"We're excited to create this new relationship with Nautilus
Solar, a company that's recognized for developing clean-energy
alternatives," said Daniel Siegel,
Assistant Vice President of Renewable Energy Investments for U.S.
Bancorp. "This transaction will not only provide significant
economic savings to the schools and communities being served, but
will also demonstrate leadership when it comes to issues of
environmental stewardship. We're just pleased to
participate."
KeyBank provided senior debt to the projects. Andy Redinger, Managing Director Group Head
KeyBanc Utility, Power &Renewable Energy group, commented,
"Nautilus Solar is a strong financing partner that can reliably
develop and execute on a high-quality pipeline."
Reznick Capital Markets acted as advisor to Nautilus. "Reznick
Group and Reznick Capital Markets were elated to be able to work
with Nautilus Solar on the tax equity financing of this very
complicated transaction," said Rob
Sternthal, President of Reznick Capital Markets. "Utilizing
the full scope of resources and expertise across Reznick Group's
various practices, we were able to closely align with the Nautilus
team to quickly navigate the financing structure." The
Carreden Group acted as advisor to U.S. Bank.
Nautilus Solar intends to replicate this portfolio transaction
on a larger scale. Jim Rice, CEO of Nautilus Solar, remarked,
"I'm proud that the Nautilus team has proven that we can develop,
construct, aggregate and fund distributed solar projects. Our
future plans focus on repeating this portfolio aggregation
structure with more MWs, in more markets, including raising project
level equity for the portfolios."
About Nautilus Solar Energy
Founded in 2006, Nautilus Solar Energy, LLC ("Nautilus Solar")
is a leading independent solar power producer headquartered
in Summit, New Jersey.
Nautilus Solar develops, constructs, finances, owns and operates
distributed generation and utility-scale solar electric systems.
The company owns or manages over 74 MW of projects throughout the
US and Canada. Nautilus Solar is
majority-owned by an investment affiliate of Starwood Energy Group
Global, LLC, based in Greenwich, CT. For more information,
visit www.nautilussolar.com.
About KeyCorp
Cleveland-based KeyCorp is one
of the nation's largest bank-based financial services companies,
with assets of approximately $89
billion. Key companies provide investment management, retail
and commercial banking, consumer finance, and investment banking
products and services to individuals and companies throughout
the United States and, for certain
businesses, internationally. KeyBanc Capital Markets'
Utilities, Power & Renewable Energy Group leverages the
expertise of its experienced senior banking team and the
capabilities of its full-service capital markets platform to
provide strategic advisory and capital-raising solutions for
clients in the Utilities & Power, Renewable Energy and Clean
Technology segments. For more information, visit
https://www.key.com.
About U.S. Bancorp
With $321 billion in assets as of
June 30, 2011, U.S. Bancorp is the
parent company of U.S. Bank, the fifth-largest commercial bank in
the United States. The company
operates 3,086 banking offices in 25 states and 5,086 ATMs and
provides a comprehensive line of banking, brokerage, insurance,
investment, mortgage, trust and payment services products to
consumers, businesses and institutions. U.S. Bancorp is a
recognized leader in financing a variety of renewable energy
projects, building on its experience in other tax credit equity
investments, including new markets, historic, and affordable
housing tax credit investments. U.S. Bancorp has committed more
than $540 million of renewable energy
tax equity to finance over $1 billion
of renewable energy projects in the
United States primarily in the solar market, and in select
opportunities in the wind energy market. Visit U.S. Bancorp on the
web at www.usbank.com.
About Reznick Group
Reznick Group is a top 20 national public accounting firm
providing accounting, tax and business advisory services to clients
nationwide. The firm's industry experience includes affordable
housing, financial services, renewable energy, healthcare,
nonprofits, professional services, commercial real estate and
technology. For more information,
visit www.reznickgroup.com.
SOURCE Nautilus Solar Energy, LLC