Starwood buys Nautilus Solar Energy

Starwood Energy Group Global has announced that an investment affiliate has acquired a majority interest in Nautilus Solar Energy, a solar power generation developer headquartered in New Jersey, to help fund future growth of Nautilus Solar.

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 USD50m 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 by energy professionals Jim Rice, Laura Stern and Alan Dash, Nautilus Solar currently has seven completed solar retail projects in operation and four solar projects under construction in New Jersey and Connecticut.
 
The investment expands Starwood Energy’s focus on the solar energy sector. 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.
 
‘We are excited to complete this majority investment in Nautilus Solar,’ says Brad Nordholm, chief executive of Starwood Energy in Greenwich, Connecticut. ‘Jim Rice, Alan Dash, and Laura Stern have, in a very short period of time, demonstrated significant leadership in building Nautilus into the company it is today, with a number of solar projects already completed and several more in advanced stages of development. We see Nautilus Solar as a foundational component of our solar growth strategy and look forward to expanding our footprint in the retail, wholesale, and utility-scale solar sectors in 2009.’