SUMMIT, N.J., Feb. 6, 2013 /PRNewswire/ -- Nautilus Solar Energy ("Nautilus Solar"), a leading independent solar power producer, announces completion of a 1,360 kW solar photovoltaic system located in Lindenwold, NJ. The project is on the rooftop and parking lots of the Lindenwold High and Middle School as well as two elementary Schools in the district. The power produced by the system will be sold to the Board of Education under a 15-year Power Purchase Agreement. The Solar Renewable Energy Credits ("SRECs") will be purchased by Atlantic City Electric.
This project is the first of a series of projects to be financed by Seminole Financial Services, LLC ("Seminole"). "We are pleased to partner with Seminole on this project and look forward to expanding the relationship beyond traditional project financings," said Laura E. Stern, President of Nautilus Solar. "We are impressed with the leadership and vision of the whole Nautilus team," said Chris Diaz, Executive Vice President for Seminole. "The Nautilus team made the entire process of providing construction and permanent financing to the Lindenwold project a good experience. We look forward to expanding our partnership on additional projects in their pipeline in the very near future."
"The Lindenwold Board of Education thanks Nautilus Solar Energy and Seminole Financial Services, LLC for their commitment to this project", said Kathleen Huder, Business Administrator for Lindenwold BOE. "We are very excited to partner with these companies to gain a cost savings while utilizing green energy to support our programs."
About Nautilus Solar Energy
Founded in 2006, Nautilus Solar is a leading independent solar power producer headquartered in Summit, New Jersey. Nautilus Solar develops, constructs, finances, owns and operates distributed generation and utility-scale solar electric systems. The company sells its generated electricity through long-term power purchase agreements and has projects in NJ, CT, MD, CA, FL and Canada, with approximately 89 MW owned and managed. Nautilus Solar is majority-owned by an investment affiliate of Starwood Energy Group Global, LLC, based in Greenwich, Connecticut.
SOURCE Nautilus Solar Energy