Nautilus Completes Initial Financing for William Paterson University Solar Power Project

Nautilus Solar Energy, LLC has closed and completed its agreement for financing the operation and construction of its first phase of the solar energy project on the campus of William Paterson University (WPU) with an initial capacity of 3 MW.

When completed, this solar installation will be one of the largest in the United States. The New Jersey Economic Development Authority (EDA) is funding the project in part, through its term financing and construction of the project by means of a 10-year loan worth $5 million.

It is anticipated that the project will go online by the summer of this year and will include parking lot and rooftop solar installations. Without any initial expenses and at reduced rates, WPU will be buying renewable energy under a power purchase agreement (PPA) spanning 15 years with Nautilus Solar for owning and operating the solar facility. SunDurance Energy, one of the leading solar system installers based in New Jersey, will be constructing this solar power system with the primary objective of bringing down the energy expenses of WPU by $4.3 million during the 15-year period.