Tuesday, 25 April 2017
Last updated 4 hours ago
Jan 13 2009 | 11:49am ET
Private equity firm Starwood Energy Group has acquired a majority interest in Nautilus Solar Energy, a solar power generation developer headquartered in Chatham, New Jersey.
Starwood Energy's investment will provide working capital and facilitate an expansion of Nautilus Solar's corporate infrastructure. The funding also includes a $50 million 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. As one of the fastest growing solar development companies in the United States, Nautilus Solar has a project pipeline of over 500 MWs of solar generating capacity over the next two years.
"We are excited to complete this majority investment in Nautilus Solar," said Brad Nordholm, CEO 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.”
Starwood Energy is an affiliate of Starwood Capital Group Global, a multi-billion dollar private equity investment firm located in Greenwich, Conn. Since 2005, Starwood Energy has committed to energy infrastructure transactions totaling $3.2 billion of enterprise value, including the Neptune Regional Transmission System, a 660 MW undersea power cable connecting Long Island to New Jersey, CalPeak Power, LLC, a 260 MW portfolio of five natural gas-fired peaking power plants in California, and the 272 MW Thermo Ft. Lupton combined-cycle plant in Colorado. Starwood Energy also anticipates completion in May 2009 of its 120 MW Starwood-Midway power plant now under construction in California.