Nelnet Acquires Solar Construction Firm GRNE Solutions

LINCOLN, Neb. , July 5, 2022/PRNewswire/ -- Nelnet (NYSE: NNI) announced today a controlling investment in affiliates of GRNE Solutions, LLC (GRNE), known as GRNE Solar, a leading Midwest solar engineering, procurement, and construction (EPC) firm. In addition, Nelnet acquired certain solar assets from an affiliate of GRNE, some already generating power and others currently being constructed. The transaction closed July 1, 2022.

GRNE designs and installs residential, commercial and utility-scale solar systems in Illinois, Indiana, Iowa, Nebraska, Missouri and soon in Colorado. Its solar projects typically 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.

"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 is a diversified and innovative company, which includes a brand dedicated to renewable energy offerings and solutions, Nelnet Renewable Energy. Through tax-equity investing, its tax co-investing platform, community solar subscription 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, co-founder and president of GRNE Solar.

This acquisition combines two complementary businesses that understand the critical need for renewable energy in the future. GRNE brings more than a decade of solar engineering and construction experience and will be able to leverage Nelnet's years of customer service expertise, financial strength, and asset management experience to fulfill its increasing demand.

"With Nelnet's investment in GRNE, we have planted another seed toward a cleaner future," said Gubbels.

About GRNE
Since 2012, GRNE has been designing and installing commercial, residential and utility scale solar systems throughout the Midwest. Its full-service team includes consultants, engineers, project managers, electricians and solar installers. Collectively, the GRNE team has over three decades of renewable energy and green construction experience and has proudly generated over 35 gigawatt hours (GWh) of clean renewable energy. Visit GRNESolar.com

About Nelnet
Nelnet (NYSE: NNI) is a publicly traded diversified financial services and technology company focused on offering educational services, technology solutions, professional services, telecommunications, renewable energy, and asset management. Nelnet has nearly $21 billion in assets, including a $17.6 billion loan portfolio, and services almost $560 billion in loan assets. Since 2018, Nelnet Renewable Energy has funded or committed to the construction of more than $1.5 billion of solar energy projects via tax equity financing. From this foundation, the company has broadened its engagement in the renewable energy sector by adding administrative and management services for tax equity investments, community solar subscriber acquisition and management and solar development. To learn more visit NelnetInc.com.

Forward-Looking and Cautionary Statements

This press release contains forward-looking statements within the meaning of federal securities laws. The words "anticipate," "continue," "expect," "opportunity," "plan," "potential," "will," and similar expressions, as well as statements in future tense, are intended to identify forward-looking statements. These statements are based on management's current expectations as of the date of this release and are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results and performance of the company to be materially different from any future results or performance expressed or implied by such forward-looking statements. Such factors include, but are not limited to, risks and uncertainties related to the anticipated benefits from the announced acquisition and the ability to successfully integrate solar EPC operations with the company's businesses and further penetrate existing markets, expand into new markets, and meet the company's expectations regarding market growth; the ability to successfully maintain competitive advantages with respect to the acquired solar EPC operations and other related services; potential changes in the solar-generated electricity marketplace, including changes in the availability of rebates, tax credits and other financial incentives, decreases to federal solar tax credits, potential decreases in the retail price of utility-generated electricity or electricity from other energy sources, and potential changes in the demand for solar EPC services; the continued ability to manage costs associated with solar EPC services; risks and uncertainties related to tax-equity investments in solar projects, including risks of not being able to realize tax credits which remain subject to recapture by taxing authorities; and risks and uncertainties related to the COVID-19 pandemic, including potential future impacts from COVID-19 variants on the macroeconomic environment and consumer behavior. All forward-looking statements in this release are as of the date of this release. Although the company may voluntarily update or revise its forward-looking statements from time to time to reflect actual results or changes in the company's expectations, the company disclaims any commitment to do so except as required by law.

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