New Jersey-based community solar company Nautilus is extending its tendrils into the Midwest with the acquisition of a 75 MW portfolio in Illinois.
On Tuesday, the company announced the acquisition of 75.6 MW across 16 community solar projects located throughout the state. Those projects are expected to be operational between 2025 and 2027.
“This acquisition marks a significant commitment to the Illinois market and is a pivotal step towards expanding Nautilus’s overall footprint in the Midwest,” said Jeff Lee, Business Development Director at Nautilus. “The scale of this acquisition underlines Nautilus’s capabilities and reaffirms our position as a leading community solar company with projects and subscribers located across the country.”
Nautilus currently operates and manages solar farms in 10 states and is responsible for financing, development, maintenance, and customer service over the lifetime of their projects. The company will be the long-term owner of the Illinois portfolio, responsible for overseeing construction, maintaining long-term performance, and acquiring and managing customer subscriptions. The projects will enable Ameren and ComEd utility customers to save on electric bills and will generate clean energy to serve the energy needs of around 10,000 homes and commercial businesses.
The portfolio of projects is qualified under Illinois’ community solar program and helps support the state’s renewable energy goal of 40% by 2030 and 50% by 2040. Illinois is one of the fastest-growing community solar markets, joining a cluster of Midwestern states on a new frontier for renewable energy expansion.
“Illinois’ ambitious renewable energy targets are a testament to its commitment to environment and energy equity. At Nautilus, we are proud to lead this transition,” said Eric Paul, Vice President of partner development. “Our focus is not just on producing clean energy but ensuring that the benefits, particularly the cost savings, reach every Illinoisan, especially those from low-to-moderate income backgrounds and historically disadvantaged communities.”
Community solar programs are one of the fastest-growing sectors of the renewable energy industry, providing locally produced, affordable clean energy to residents and businesses. The development of community solar projects also drives engagement and collaboration in communities through job creation, economic development, and responsible land use.