LINCOLNNeb. , July 5, 2022 /PRNewswire/ — Nelnet (NYSE: NNI) today announced a majority investment in affiliates of GRNE Solutions, LLC (GRNE), known as GRNE Solar, a leading engineering, supply and Solar Construction (EPC) in the Midwest. In addition, Nelnet acquired some solar assets from a subsidiary of GRNE, some already producing electricity and others under construction. The transaction has been concluded July 1, 2022.
GRNE designs and installs residential, commercial and utility solar systems in Illinois, Indiana, Iowa, Nebraska, Missouri and soon in Colorado. Its solar projects typically generate between 1 megawatt (MW) and 5 MW of power. GRNE also offers battery backup, electric vehicle charging, energy monitoring, and operation and maintenance services.
Situated at Palatine, ill.and Lincoln, Neb.GRNE was created in 2012 by Jess Baker and Eric Peterman. The co-founders will continue to lead GRNE and retain a minority stake in the company. Today, GRNE has over 80 employees across seven offices in their service area.
“We are delighted to partner with Jess, Eric and the GRNE team to accelerate their growth plans and our diversification into solar development,” said Scott Gubbels, Nelnet’s Executive Director of Taxation and Renewable Energy. “The GRNE team has built a solid reputation in the solar industry for its culture, values and high quality construction and execution management. Together we will create a unique solution in the field of renewable energy , including EPC services, financing solutions and subscription management.”
Nelnet is a diversified and innovative company, which includes a brand dedicated to renewable energy offers and solutions, Nelnet Renewable Energy. Through tax fairness investing, its tax co-investment platform, community solar subscription, and campus solar development solutions, Nelnet Renewable Energy delivers significant value to its partners and customers across a variety of industries. Since its initial investment in 2018, Nelnet Renewable Energy has grown its portfolio of solar investments, including with co-investors, to more than $240 million in more than 200 solar projects. Additionally, Nelnet Renewable Energy acquires and manages thousands of subscribers for our community solar development partners.
“This acquisition presents an exceptional opportunity for GRNE’s growth and for Nelnet’s continued expansion into the renewable energy space. With Nelnet’s proven track record of business growth and development as well as GRNE’s industry expertise , we will continue to accomplish incredible things. Solar energy is a key element in achieving the energy goals of the future, and we are proud to be part of the solution,” said Jess Bakerco-founder and president of GRNE Solar.
This acquisition combines two complementary businesses that understand the critical need for renewable energy in the future. GRNE brings over a decade of solar engineering and construction experience and will be able to leverage Nelnet’s years of customer service expertise, financial strength and asset management experience to meet to its growing demand.
“With Nelnet’s investment in GRNE, we have sown another seed towards a cleaner future,” Gubbels said.
About the GRNE
Since 2012, GRNE has been designing and installing commercial, residential and utility solar systems throughout the Midwest. Its full-service team includes consultants, engineers, project managers, electricians and solar installers. Collectively, the GRNE team has over three decades of experience in renewable energy and green building and has proudly generated over 35 gigawatt hours (GWh) of clean renewable energy. Visit GRNESolar.com
Nelnet (NYSE: NNI) is a publicly traded diversified financial services and technology company focused on providing educational services, technology solutions, professional services, telecommunications, renewable energy and business management. assets. Nelnet has almost $21 billion assets, including one $17.6 billion portfolio of loans and services almost $560 billion in loan assets. Since 2018, Nelnet Renewable Energy has financed or committed to the construction of more than $1.5 billion solar energy projects through tax equity financing. From this base, the company has expanded its engagement in the renewable energy sector by adding administrative and management services for tax equity investments, community solar customer acquisition and management, and solar development. To find out more visit Nelnet Inc.com.
Forward-Looking Statements and Cautions
This press release contains forward-looking statements within the meaning of the federal securities laws. The words “anticipate”, “continue”, “expect”, “opportunity”, “plan”, “potential”, “will” and similar expressions, as well as statements in the future tense, are intended to identify forward-looking statements. These statements are based on management’s current expectations as of the date of this release and are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results and performance of the company are materially different from future results. or performance expressed or implied by such forward-looking statements. These factors include, but are not limited to, risks and uncertainties relating to the expected benefits of the announced acquisition and the ability to successfully integrate EPC solar’s business into the business and further penetrate existing markets, expand into new markets and meet business needs. expectations regarding market growth; the ability to successfully maintain competitive advantages with respect to acquired EPC Solar operations and other related services; potential changes in the solar-generated electricity market, including changes in the availability of rebates, tax credits and other financial incentives, decreases in federal tax credits for solar energy, potential declines in the retail price of utility-generated electricity or electricity from other energy sources, and potential changes in demand for EPC solar services; the ability to continue to manage costs associated with solar EPC services; the risks and uncertainties associated with tax equity investments in solar projects, including the risks of not being able to realize tax credits which remain subject to clawback by tax authorities; and risks and uncertainties related to the COVID-19 pandemic, including the potential future impacts of variants of COVID-19 on the macroeconomic environment and consumer behavior. All forward-looking statements contained in this release speak as of the date of this release. Although the company may voluntarily update or revise its forward-looking statements from time to time to reflect actual results or changes in the company’s expectations, the company disclaims any obligation to do so, except as required by law.
SOURCE Nelnet renewable energies