Starwood Energy Group Global, LLC has acquired a majority interest in Nautilus Solar Energy LLC, a solar power generation developer headquartered in Chatham, New Jersey.
Specific terms of the transaction were not disclosed. However, the companies said Starwood Energy’s investment will provide working capital and facilitate an expansion of Nautilus Solar’s corporate infrastructure. The funding also includes a $50 million commitment for future Nautilus Solar projects.
Nautilus Solar develops, constructs, finances, owns and operates distributed generation and utility-scale solar electric systems. Created in 2006, Nautilus Solar currently has seven completed solar retail projects in operation and four solar projects under construction in New Jersey and Connecticut.
Nautilus Solar says the company has a project pipeline of more than 500 megawatts (MW) of solar generating capacity over the next two years.
In late 2007, Starwood Energy reached a teaming agreement with Lockheed Martin to pursue utility-scale solar generation projects in North America. Nautilus Solar personnel have been and will continue to work closely with Starwood Energy on its solar generation projects with Lockheed Martin, the companies said in a release.
Loading...