Nautilus Solar Energy nets $25 million revolving facility from De Lage Landen

SUMMIT, USA: Nautilus Solar Energy, a leading independent solar power producer, has executed a financing agreement with De Lage Landen to fund a minimum of $25 million of Nautilus Solar Energy installations across key markets in the United States throughout 2012.

The De Lage Landen facility will be used to fund several megawatts of photovoltaic generation in Florida, California and the Northeast. "Nautilus is extremely excited to enter into the facility with De Lage Landen, which will enable the company to accelerate development through the expiration of the 1603 cash grant program," said Laura Stern, president at Nautilus Solar Energy.

Under the Sale-Leaseback structure, Nautilus will develop, construct, finance and operate the photovoltaic facilities at host locations. The power will be sold either to commercial and industrial host customers or to utilities under long-term Power Purchase Agreements.

"We're very pleased to partner with Nautilus Solar Energy and to have the opportunity to help them expand installations throughout the US," said Mark McGovern, GM, Clean Technology for De Lage Landen.