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Nautilus Solar Energy places $202 million senior secured notes
By Marisa Wong
Los Angeles, Sept. 21 – Nautilus Solar Energy, LLC, on behalf of its affiliate Nautilus US Power Holdco, LLC, announced it completed the issuance of $202 million of senior secured notes to institutional investors in a private placement transaction.
This milestone financing is the first institutional debt financing transaction to secure an investment-grade rating for a 186 MW portfolio comprised mainly of community solar assets and diversified across 58 projects operating in seven states, according to a press release.
The aggregate portfolio provides renewable energy to more than 17,000 residential and commercial subscribers.
Nautilus said the private placement confirms institutional investor interest in both the company and the growing community solar market. This transaction also sets a new institutional financing benchmark for the community solar industry, the company remarked.
National Bank Financial Inc. and RBC Capital Markets acted as adviser and joint lead placement agents on the transaction.
Greenberg Traurig, LLP acted as legal counsel for Nautilus, and Winston & Strawn LLP acted as legal counsel for the investors.
The Summit, N.J.-based solar energy company is owned by Power Sustainable, a wholly owned subsidiary of Power Corp. of Canada.
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