Finance company Nelnet acquires Midwest renewables contractor GRNE Solar
Financial services firm Nelnet has acquired Midwest solar EPC firm GRNE Solar. Nelnet has also acquired certain solar assets from a GRNE subsidiary, including solar projects under construction.
Based in Palatine, Illinois and Lincoln, Nebraska, GRNE was founded in 2012 and has grown to more than 80 employees at seven office locations in the Midwest. Co-founders Jess Baker and Eric Peterman will continue to lead GRNE and maintain a minority stake in the company.
“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 built a strong reputation in the solar industry for their culture, values and high quality execution and construction management. Together we will create a unique renewable energy solution, including EPC services, financing solutions and subscription management.”
Nelnet’s sustainable brand Nelnet Renewable Energy is committed to renewable energy offerings and solutions. Through tax equity investments, its tax co-investment platform, community solar subscriptions, and on-campus solar development solutions, Nelnet Renewable Energy provides significant value to its partners and customers across industries. Since its initial investment in 2018, Nelnet Renewable Energy has expanded its solar investment portfolio, including with co-investors, to over $240 million in more than 200 solar projects. In addition, Nelnet Renewable Energy acquires and manages thousands of subscribers for our community solar partners.
“This acquisition represents an excellent opportunity for GRNE’s growth and for Nelnet’s continued expansion into the renewable energy sector. With Nelnet’s proven track record of growth and scale, as well as GRNE’s industry expertise, we will continue to achieve amazing things. Solar energy is an important part of achieving 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.
News item from Nelnet