Nautilus Solar Energy Nets $25 Million Revolving Facility From De Lage Landen
SUMMIT, N.J., Dec. 22, 2011 /PRNewswire/ — Nautilus Solar Energy (“Nautilus”), a leading independent solar power producer, has executed a financing agreement with De Lage Landen to fund a minimum of $25 million of Nautilus Solar Energy installations across key markets in the United States throughout 2012.
The De Lage Landen facility will be used to fund several megawatts of photovoltaic generation in Florida, California and the Northeast. “Nautilus is extremely excited to enter into the facility with De Lage Landen, which will enable the company to accelerate development through the expiration of the 1603 cash grant program,” said Laura Stern, President at Nautilus Solar Energy.
Under the Sale-Leaseback structure, Nautilus will develop, construct, finance and operate the photovoltaic facilities at host locations. The power will be sold either to commercial and industrial host customers or to utilities under long-term Power Purchase Agreements.
“We’re very pleased to partner with Nautilus Solar Energy and to have the opportunity to help them expand installations throughout the U.S.,” said Mark McGovern, General Manager, Clean Technology for De Lage Landen.
About Nautilus Solar Energy
Nautilus Solar Energy, LLC is a Summit, NJ-based independent solar power producer that develops, constructs, owns and operates solar photovoltaic generating facilities. Founded in 2006 to promote the development of clean, renewable solar energy under a PPA model, Nautilus has projects in NJ, CT, MA, MD, CA, FL and Canada, with approximately 63 MW owned and managed.
About De Lage Landen
De Lage Landen, a fully owned subsidiary of Rabobank Group, specializes in asset-based financing programs for equipment manufacturers, dealers and distributors worldwide. Our programs cover our customers’ total distribution chain, as well as the entire lease lifecycle. We offer customers a single source for leasing, administration, risk and asset management solutions. De Lage Landen’s diversified solutions include car leasing in the European market and consumer finance and factoring in the Dutch home market.
Establishing a close and long-lasting relationship with our customers is at the heart of our company culture. This requires genuine interest in and a thorough understanding of our customers’ business needs and goals. We partner with our customers to tailor solutions and develop programs that support mutual growth and profitability.
We care not only about our customers, but also about the communities in which we operate. We strive to have a positive social and environmental impact through our products and the way we conduct business.
For more information, please visit our website: www.delagelanden.com.
SOURCE Nautilus Solar Energy