LINCOLN, Neb. , July 5, 2022
/PRNewswire/ -- Nelnet (NYSE: NNI) announced today a controlling
investment in affiliates of GRNE Solutions, LLC (GRNE), known as
GRNE Solar, a leading Midwest solar engineering, procurement, and
construction (EPC) firm. In addition, Nelnet acquired certain solar
assets from an affiliate of GRNE, some already generating power and
others currently being constructed. The transaction closed
July 1, 2022.
GRNE designs and installs residential, commercial and
utility-scale solar systems in Illinois, Indiana, Iowa, Nebraska, Missouri and soon in Colorado. Its solar projects typically
generate between 1 megawatt (MW) to 5 MWs of power. GRNE also
offers battery backup, electric vehicle charging, energy
monitoring, and operations and maintenance services.
Based in Palatine, Ill., and
Lincoln, Neb., GRNE was
established in 2012 by Jess Baker
and Eric Peterman. The co-founders
will continue to lead GRNE and retain a minority ownership interest
in the company. Today, GRNE has grown to more than 80 employees in
seven office locations in their service area.
"We are excited to partner with Jess, Eric and the GRNE team to
accelerate their growth plans and our diversification into solar
development," said Scott Gubbels,
Nelnet executive director of tax and renewable energy. "The GRNE
team has earned a strong reputation in the solar industry for their
culture, values and high-quality execution and construction
management. Together, we will create a unique solution in the
renewable space, including EPC services, financing solutions and
subscription management."
Nelnet is a diversified and innovative company, which includes a
brand dedicated to renewable energy offerings and solutions, Nelnet
Renewable Energy. Through tax-equity investing, its tax
co-investing platform, community solar subscription and campus
solar development solutions, Nelnet Renewable Energy provides
significant value to its partners and customers within various
industries. Since its initial investment in 2018, Nelnet Renewable
Energy has expanded its solar investment portfolio, including with
co-investors, to more than $240
million in more than 200 solar projects. In addition, Nelnet
Renewable Energy acquires and manages thousands of subscribers for
our community solar development partners.
"This acquisition presents an outstanding opportunity for the
growth of GRNE and for Nelnet's continued expansion into the
renewable energy space. With Nelnet's proven track record for
growing and scaling business as well as GRNE's industry expertise,
we will continue to accomplish amazing things. Solar energy is a
key component to accomplishing the energy goals of the future, and
we are proud to be part of the solution," said Jess Baker, co-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 more than 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 fulfill its increasing demand.
"With Nelnet's investment in GRNE, we have planted another seed
toward a cleaner future," said Gubbels.
About GRNE
Since 2012, GRNE has been designing and installing commercial,
residential and utility scale 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 renewable energy and green
construction experience and has proudly generated over 35 gigawatt
hours (GWh) of clean renewable energy. Visit GRNESolar.com
About Nelnet
Nelnet (NYSE: NNI) is a publicly traded diversified financial
services and technology company focused on offering educational
services, technology solutions, professional services,
telecommunications, renewable energy, and asset management. Nelnet
has nearly $21 billion in assets,
including a $17.6 billion loan
portfolio, and services almost $560
billion in loan assets. Since 2018, Nelnet Renewable Energy
has funded or committed to the construction of more than
$1.5 billion of solar energy projects
via tax equity financing. From this foundation, the company has
broadened its engagement in the renewable energy sector by adding
administrative and management services for tax equity investments,
community solar subscriber acquisition and management and solar
development. To learn more visit NelnetInc.com.
Forward-Looking and Cautionary Statements
This press release contains forward-looking statements within
the meaning of federal securities laws. The words "anticipate,"
"continue," "expect," "opportunity," "plan," "potential," "will,"
and similar expressions, as well as statements in 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 to be materially
different from any future results or performance expressed or
implied by such forward-looking statements. Such factors include,
but are not limited to, risks and uncertainties related to the
anticipated benefits from the announced acquisition and the ability
to successfully integrate solar EPC operations with the company's
businesses and further penetrate existing markets, expand into new
markets, and meet the company's expectations regarding market
growth; the ability to successfully maintain competitive advantages
with respect to the acquired solar EPC operations and other related
services; potential changes in the solar-generated electricity
marketplace, including changes in the availability of rebates, tax
credits and other financial incentives, decreases to federal solar
tax credits, potential decreases in the retail price of
utility-generated electricity or electricity from other energy
sources, and potential changes in the demand for solar EPC
services; the continued ability to manage costs associated with
solar EPC services; risks and uncertainties related to
tax-equity investments in solar projects, including risks of not
being able to realize tax credits which remain subject to recapture
by taxing authorities; and risks and uncertainties related to the
COVID-19 pandemic, including potential future impacts from COVID-19
variants on the macroeconomic environment and consumer behavior.
All forward-looking statements in this release are 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 commitment to do so except as required by
law.
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SOURCE Nelnet Renewable Energy