Nelnet strengthens renewables division with GRNE Solar acquisition

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A rooftop solar system on a house in the US. Image: Sunnova.

Financial services and technology company Nelnet has acquired GRNE Solar, an EPC that designs and installs residential, commercial and utility-scale solar in the US Midwest.

The deal, which closed on 1 July, saw Nelnet also buy under-construction and operating solar assets from an affiliate of GRNE.

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As well as constructing projects typically sized at 1 – 5MW, GRNE offers battery energy storage systems, electric vehicle charging, energy monitoring, and operations and maintenance services.

The firm was established in 2012 by Jess Baker and Eric Peterman, who will continue to lead the business and retain a minority ownership.

“This acquisition presents an outstanding opportunity for the growth of GRNE and for Nelnet’s continued expansion into the renewable energy space,” said GRNE president Baker.

Nelnet’s renewables division offers services such as tax equity investing, community solar subscriptions and campus PV development solutions. The arm’s investment portfolio, including with co-investors, spans more than 200 solar projects.

Scott Gubbels, Nelnet executive director of tax and renewable energy, said the partnership with GRNE will create a solution spanning EPC services, financing offerings and subscription management.

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