Nelnet Renewable Energy announced a controlling investment in GRNE Solar, a Midwest solar engineering, procurement, and construction (EPC) firm.
In addition, Nelnet acquired solar assets from an affiliate of GRNE, some already generating power and others currently being constructed. The transaction closed July 1, 2022.
GRNE installs residential, commercial and utility-scale solar systems in Illinois, Indiana, Iowa, Nebraska, Missouri and soon in Colorado. Its solar projects 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.
“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 solution in the renewable space, including EPC services, financing solutions and subscription management,” said Scott Gubbels, Nelnet executive director of tax and renewable energy.
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. Nelnet Renewable Energy also acquires and manages thousands of subscribers for community solar development partners.