Nelnet buys US solar EPC firm GRNE

Nelnet (NYSE:NNI), a diversified financial services and technology company that has its own renewables-dedicated unit, has bought a controlling stake in GRNE Solar, a solar engineering, procurement and construction (EPC) services provider operating in the US Midwest.

The transaction, which closed on July 1, involved the acquisition of interests in affiliates of GRNE Solutions LLC, known as GRNE Solar, and the acquisition of certain solar assets, some of which are already operational, while others are under construction.

Founded in 2012, GRNE designs and installs residential, commercial and utility-scale solar projects of 1 MW to 5 MW in Illinois, Indiana, Iowa, Nebraska and Missouri, with plans to enter Colorado soon. The firm also offers battery backup, electric vehicle (EV) charging, energy monitoring and operations and maintenance (O&M) services.

Since 2018, Nelnet Renewable Energy has funded or committed to the construction of over USD 1.5 billion (EUR 1.46bn) of solar projects via tax equity financing. It offers a tax co-investing platform, community solar subscription and campus solar development solutions.

(USD 1 = EUR 0.972)

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