US firm Nautilus Solar Energy scooped the sustainable loan use of proceeds innovation award for the Americas for its $275 million green loan supporting its community solar power project roll-out.

The loan facility will be used to finance 25 community solar projects in five US states: Illinois, Maryland, Delaware, New York and Rhode Island. In total, the projects will provide 130MW of renewable energy capacity, which could serve more than 11,000 households and small businesses.

An Environmental Finance Sustainable Debt Awards judge said the loan provided a "leading example" for its US peers by "not scaling back from green investments but having a longer-term approach" and utilising labelled debt to serve this long-term growth.

Nautilus builds local community solar projects which feed electricity into the local grid, with local residents who become customers receiving credits which provide discounts to their energy.

SMBC served as sole green loan coordinator on the long-term debt facility, as well as funding the deal with MUFG and Apterra Infrastructure Capital.