SUMMIT, N.J., Jan. 31, 2014 /PRNewswire/ -- Nautilus Solar Energy, LLC ("Nautilus Solar"), a leading independent solar power producer, has executed a Power Purchase Agreement ("PPA") for a 1.5 MW solar photovoltaic project with the City of Lordsburg, New Mexico. The project will provide clean, solar electricity to the City's wastewater plant, fluoride and pumping station, Police Station and City Hall. The project is expected to save the City approximately $3.5 million over the twenty year term of the PPA.
This development marks the first project in Nautilus Solar's expansion into the Southwest. "We are very excited about the opportunities presented for solar power in the Southwest. The Lordsburg project provides significant savings in electricity costs with no local incentives or subsidies and truly represents retail parity," said James Rice, Nautilus Solar's CEO. "We are looking forward to working with other municipalities and customers in the Southwest to deliver solar electricity that provides cost savings and environmental benefits."
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 92 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, LLC