In addition to the 14 rooftop projects, which total 4.1 MW, the U.S.-based independent power producer plans to bring another 1.9 MW online across six projects by next month. Nautilus developed the projects with its Canadian subsidiary and Moose Power Inc.
The solar PV rooftop portfolio is set to grow to 7.2 MW later this year, with expectations that it will reach a total of 24 MW. A timeline was not provided for when the remaining 16.8 GW will come online.
Nautilus says all the projects have secured a 20 year PPA contract under the Ontario Power Authority's FIT program. Non-recourse financing came from North Americas Rabobank, while North Sky CleanTech Alliance Fund L.P. and NewWorld Environmental Infrastructure L.P provided equity funding. Community investment partners include Green Energy Co-operative of Ontario, Inc. (GEGO) and Eagle Lake First Nation. The financial sums were not disclosed.
"The project represents one of the largest financings of a distributed generation solar photovoltaic (PV) portfolio," said Nautilus in a statement released.
Overall, the company has more than 100 MW of solar energy, across both distributed and grid tied systems, in its portfolio in the U.S. and Canada.
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