Benzinga | Apr 5, 2021 04:16PM EDT

Nelnet Renewable Energy Says Partners With 3 Co-Investors To Complete $9.9M Solar Tax Equity Investment In Northeast

Nelnet Renewable Energy, a leading solar tax equity investor and fund manager, today announced the completion of a $9.9 million solar tax equity investment into a portfolio of projects in the Northeast with three co-investors. The investment received an E1 rating on its Green Transaction Evaluation from S&P Global Ratings for its Environmental, Social, and Governance (ESG) impact.

The portfolio of projects financed by the co-investment is expected to generate over 19,900 megawatt hours (MWhs) of solar energy per year for a portfolio of community solar subscribers -- renters, homeowners, and businesses -- in the state of New York. Over their 35-year lifecycle, the solar projects are expected to offset 332,000 tons of carbon in New York and New Jersey, which is the equivalent of burning 332 million pounds of coal.

A Nelnet (NYSE:NNI) company, Nelnet Renewable Energy will serve as the lead investor and fund manager over the duration of the investment. Nelnet's co-investors include Adams Bank & Trust and West Gate Bank, both of Nebraska.

Helping investors realize the benefits of tax equity co-investing furthers Nelnet Renewable Energy's mission of bringing clean, cost-effective solar power to more states and communities nationwide. "Supporting this portfolio moves Nelnet Renewable Energy closer to its 2025 vision of powering the creation, storage, and utilization of clean energy to more than 500,000 homes," said Scott Gubbels, executive director of tax and renewable energy at Nelnet.

"West Gate Bank is pleased to be able to partner with Nelnet in making solar tax credit investments into green energy projects around the country. We look forward to continuing our partnership in 2021," said Chairman, President, and Chief Executive Officer Carl Sjulin.

Nelnet continues to secure an additional $80 million in 2021 solar tax credits for its co-investor platform.

The S&P Green Transaction Evaluation is an asset-level environmental credential that builds upon current frameworks of governance and transparency and considers approaches for climate resilience and environmental impact. These analyses aim to provide investors with a comprehensive picture of the green impact and climate risk attributes of their portfolios and can be applied to any type of financing, in part or in full. E1 is the highest score on the scale; E4 is the lowest. The full Green Transaction Evaluation report is available here.