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Nautilus Solar Announces Management Buyout Backed By Virgo Investment Group

Tuesday, Oct 13 2015

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Nautilus Solar Energy, LLC, led by CEO Jim Rice and President Laura Stern, announced an investment and partnership in the company by Virgo Investment Group, L.P. Virgo is backing a management buyout of Nautilus from an investment affiliate of Starwood Energy Group Global, LLC. Nautilus offers a suite of asset management functions designed to enhance system performance, mitigate risk and protect value for solar asset owners. The Nautilus team has constructed or managed over $400 million in solar systems throughout the United States and Canada since its formation nearly a decade ago, representing over 100 megawatts in nearly 80 different projects. Virgo's investment comes at a strategic time for Nautilus as more end-users are adopting distributed solar as an alternative to utility-provided power. As part of the agreement, Nautilus and Virgo will establish a dedicated finance vehicle to acquire and own distributed solar projects, as well as a funding facility for development and construction activities.