Independent solar power producer Nautilus Solar Energy bought the Oxnard Plaza Apartment solar energy project in North Hollywood, California on behalf of one of its investment partners.
Nautilus will provide the operations management for the project as part of its current portfolio of over 96 MW of solar power projects. The power produced by the system will be sold for the next 20 years to the Los Angeles Department of Water and Power (LADWP) under their Clean L.A. Solar program.
According to the company, this project is the first completed under the Clean L.A. Solar program, which is a 150 MW program over the next few years.
Founded in 2006, Nautilus Solar has its headquarters in Summit, New Jersey. The company sells its generated electricity through long-term power purchase agreements and has projects in N.J., Connecticut, Maryland, California, Florida and Canada, with about 96 MW owned and managed. Nautilus Solar is majority-owned by an investment affiliate of Starwood Energy Group Global, LLC, based in Greenwich, Connecticut.