Nelnet Renewable Energy has closed its first solar tax equity co-investor fund for 2021, having teamed up with six banks to invest $11.9 million in a portfolio of solar projects located in Rhode Island and New York.
Joining Nelnet in this investment are Elkhorn Valley Bank & Trust; First State Bank, Gothenburg, Neb.; Security First Bank (Nebraska); and three other banks.
The portfolio of projects financed by this co-investment is expected to generate over 20,000 MWh of solar energy per year for a group of community solar subscribers. Over the portfolio’s 35-year lifespan, the energy generated will offset an estimated 363,000 tons of carbon dioxide.
Nelnet Renewable Energy’s solar tax equity co-investment platform provides accredited investors with the opportunity to invest in solar projects across the U.S. Nelnet serves as the lead investor and underwriter alongside its co-investors. This unique structure, coupled with Nelnet’s experience servicing over $500 billion in loan assets, is designed to unlock long-term value for Nelnet and its co-investor partners.
“We want everyone to have equal access to the benefits of solar, and this investment is a huge step toward providing countless homes and businesses with renewable energy to help themselves and the environment,” says Scott Gubbels, executive director of tax and renewable energy at Nelnet.