Nautilus Solar Energy has closed a $90 million debt financing agreement with two Canadian banks. The financing consists of a $75 million revolving construction facility and a $15 million letter of credit facility, which will be used to help the company expand into key community solar markets throughout the United States.
The loan will specifically fund 100 megawatts of community solar projects in Rhode Island, Maryland, New York and Minnesota.
“Nautilus is very pleased to have worked with NBC [National Bank of Canada] and RBC [Royal Bank of Canada] on this financing and look forward to growing our business relationship in the future,” said Laura Stern, co-CEO of Nautilus. “Such financing partnerships are vital as we continue to achieve greater scale in the community solar sector of the industry.”
Nautilus, an owner-operator of distributed generation and community solar projects located throughout North America, has been actively expanding throughout 2020
