SUMMIT, N.J., Jan. 18, 2013 /PRNewswire/ -- Nautilus Solar Energy ("Nautilus Solar"), a leading independent solar power producer, has started commercial operation of its 1,115kW roof mounted, solar photovoltaic project located in Gibbstown, NJ. The project is on the rooftop of Raymour & Flanigan's ("Raymour") distribution center on Swedesboro Avenue. The power is being sold at a discount to the utility tariff rate to Raymour under a 15-year Power Purchase Agreement. SRECs are being sold to Atlantic City Electric.
"Raymour, a leader in sustainability practices, has been a great partner, and we are pleased our system will be generating significant energy savings for them," said James Rice, CEO of Nautilus Solar. "We look forward to continuing this solar installation program with Raymour on their additional properties throughout New Jersey and the Northeast."
The project was installed by Advanced Green Technologies. Raymour was advised by Hill Energy Services.
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.
About Raymour & Flanigan
Established in 1947, the family-owned company is headquartered in Liverpool, New York. Across its 7-state footprint, Raymour & Flanigan has 90 full-line showrooms, 11 clearance centers, 13 customer service centers, 4 customer distribution centers and 1 main distribution center. Now the 6th largest furniture and bedding retailer in the U.S. (Furniture Today 5/22/12), Raymour & Flanigan continues its commitment of building the preeminent retail furniture brand in the Northeast and beyond. In addition, the company now offers national delivery within the continental United States. For more information, visit www.raymourflanigan.com or become a fan on Facebook.
SOURCE Nautilus Solar Energy, LLC