Nelnet Renewable Energy and Six Co-Investors Complete $11.9 Million Solar Tax Equity Investment in the Northeast

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Jun 22, 2021, 16:15 ET

LINCOLN, Neb., June 22, 2021 /PRNewswire/ -- On the heels of its record-breaking year for solar investments in 2020, Nelnet Renewable Energy, a brand of Nelnet, Inc. (NYSE: NNI), is proud to announce the closing of its first solar tax equity co-investor fund for 2021. Nelnet teamed up with six banks to invest $11.9 million in a portfolio of solar projects located in Rhode Island and New York. Joining Nelnet in this investment are Elkhorn Valley Bank & Trust; First State Bank, Gothenburg, Nebraska; Security First Bank (Nebraska); and three other banks.

The portfolio of projects financed by this co–investment is expected to generate over 20,000 megawatt-hours (MWhs) of solar energy per year for a group of community solar subscribers in New York and Rhode Island. Over the portfolio's 35–year lifespan, the energy generated by the solar projects will offset an estimated 363,000 tons of carbon dioxide, which is the equivalent amount of CO₂ emissions from consuming 37 million gallons of gasoline.

Nelnet and its co-investors are proud of their part in transitioning the country to a cleaner and more reliable energy source. "Nelnet has a strong culture of innovation, and we embrace our role as a leading tax equity investor and catalyst of change in building clean energy projects nationwide," said Jon Miller, director of Tax Equity Capital Markets.

Nelnet Renewable Energy's solar tax equity co-investment platform provides accredited investors with the opportunity to invest in solar projects across the U.S. Nelnet serves as the lead investor and underwriter alongside its co-investors. This unique structure, coupled with Nelnet's experience servicing over $500 billion in loan assets and commitment to superior customer service, is designed to unlock long-term value for Nelnet and its co-investor partners.

"We are committed to the environment and utilizing renewable energy sources wherever possible, and Security First Bank is excited to partner with Nelnet in this solar tax credit investment," said Security First Bank's president, John Daubert.

According to the Solar Energy Industries Association (SEIA), "The solar investment tax credit is one of the most important federal policy mechanisms to support the growth of solar energy in the United States. Since the tax credit was enacted in 2006, the U.S. solar industry has grown by more than 10,000% – creating hundreds of thousands of jobs and investing billions of dollars in the U.S. economy in the process."

"We want everyone to have equal access to the benefits of solar, and this investment is a huge step toward providing countless homes and businesses with renewable energy to help themselves and the environment," said Scott Gubbels, executive director of Tax and Renewable Energy at Nelnet. Funded by Nelnet and its co-investors, this portfolio furthers Nelnet Renewable Energy's mission of powering communities with clean, cost-effective energy.

About Nelnet and Nelnet Renewable Energy: Nelnet (NYSE: NNI) is a publicly-traded diversified financial services and technology company focused on offering educational services, technology solutions, professional services, telecommunications, and asset management. Nelnet has approximately $20 billion in assets and services over $500 billion in loan assets. In addition, Nelnet made its first solar tax equity investment in 2018 and has since grown into one of the leading tax equity investors in utility-scale and distributed generation solar projects. Between Nelnet's capital and capital from its co-investors, the collaborative platform has funded over 86 solar projects to date, totaling $160 million of investment in solar energy. This experience, coupled with Nelnet's proven asset management capabilities and its alignment of interest as an investor alongside its partners, allows Nelnet to offer a unique co-investment platform to accredited investors based on shared value creation and positive environmental and social impact. For more information, visit NelnetInc.com/coinvesting.

Nothing herein should be construed as, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy or hold, an interest in any security or investment product. Investments in investment products managed by Nelnet Renewable Energy are available only to "accredited investors," as such term is defined under federal securities laws. Investments are offered only via definitive transaction documents, and any potential investor should read such documents carefully, including all the risk factors relating to the investment, before investing.

SOURCE Nelnet Renewable Energy