Financial services company Nelnet has acquired Midwest solar EPC firm GRNE Solar. Nelnet has also acquired certain solar assets from a GRNE affiliate, including solar projects under construction.
GRNE installers work on a large commercial rooftop project.
Based in Palatine, Illinois, and Lincoln, Nebraska, GRNE was established in 2012 and has grown to more than 80 employees in seven office locations throughout the Midwest. Co-founders Jess Baker and Eric Peterman will continue to lead GRNE and retain a minority ownership interest 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 earned a strong reputation in the solar industry for their culture, values and high-quality execution and construction management. Together, we will create a unique solution in the renewable space including EPC services, financing solutions and subscription management.”
Nelnet’s renewable brand Nelnet Renewable Energy is dedicated to renewable energy offerings and solutions. Through tax-equity investing, its tax co-investing platform, community solar subscriptions and campus solar development solutions, Nelnet Renewable Energy provides significant value to its partners and customers within various industries. 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. In addition, Nelnet Renewable Energy acquires and manages thousands of subscribers for our community solar development partners.
“This acquisition presents an outstanding opportunity for the growth of GRNE and for Nelnet’s continued expansion into the renewable energy space. With Nelnet’s proven track record for growing and scaling business as well as GRNE’s industry expertise, we will continue to accomplish amazing things. Solar energy is a key component to accomplishing the energy goals of the future, and we are proud to be part of the solution,” said Jess Baker, cofounder and president of GRNE Solar.
News item from Nelnet
