Nautilus Solar Energy, LLC, Summit, a US solar developer and asset manager, acquires Power Energy Corporation (“Power Energy” or “PEC”), a subsidiary of Power Corporation of Canada, a diversified management and holding company. The 100% acquisition from management and Virgo Investment Group brings together PEC’S financial strength and commitment to long-term asset ownership with Nautilus’s well-established platform for acquisition, development, construction, finance and asset management to propel the company’s further expansion into key community solar markets throughout the United States.
The current management team is excited to lead the company under the new ownership, with Jim Rice and Laura Stern as co-CEOs and Jeffrey Cheng as president. “This transaction supports Nautilus’s established strategy of acquiring, developing, financing, owning and managing solar assets throughout the US, with a focus on community solar markets. PEC’s acquisition will not only provide Nautilus with competitive capital, but also the capabilities to accelerate growth to achieve greater scale in the market,” comments Jim Rice, co-CEO. “Our investment into Nautilus is truly aligned with our philosophy of supporting entrepreneurial teams in achieving our long-term value creation model. We have the highest confidence in the team’s ability to lead the company through the evolving community solar sector,” notes Pierre-Olivier Perras, president of Power Energy.
The company will continue to manage the solar portfolio developed with Virgo Investment Group. “We are excited to reach this milestone with Nautilus after having partnered with the management team for the past four years to build one of the country’s leading community solar developers at the nascent stages of the community solar sector. We look forward to a continued strong relationship with Nautilus as the developer and asset manager of Virgo’s portfolio of 80 MWs of C&I and community solar serving over 2,000 customers in eight states,” said Eli Aheto, Partner of Virgo Investment Group.
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