Second partnership between Nelnet and CleanCapital will fund five community solar projects.
NEW YORK, June 26, 2023 /PRNewswire-PRWeb/ -- CleanCapital, a diversified clean energy company based in the U.S. and focused on middle-market solar and storage, today announced it has closed its second tax equity partnership with Nelnet, Inc (NYSE: NNI). This new partnership covers five solar projects in Alaska, Maine, and New York totaling 36 megawatts. This is the second partnership with Nelnet, following the original tax equity investment with CleanCapital announced in February 2022 regarding a portfolio of new construction solar assets in Howard County, Maryland.
The current partnership covers five new construction projects: three community solar projects in New York, one community solar project in Maine, and an 8.5 MW solar project in Alaska, which will be the largest in the state when it's completed. These sites are anticipated to commence operations by the end of this year and will generate around 50GWh of clean energy every year once fully operational. Collectively, the projects are expected to generate approximately $25.5 million in tax credits.
"This second partnership reflects the continued corporate appetite for tax equity investment in solar and storage assets that are furthering the clean energy transition," remarked Melinda Baglio, Chief Investment Officer & General Counsel at CleanCapital. "This tax equity investment will fund construction and enhance investor returns on an attractive set of solar assets in CleanCapital's diverse portfolio."
"We are pleased to announce this tax equity investment and the expansion of our partnership with Nelnet," said Winston Chen, Senior Director, Capital Markets at CleanCapital. "Tax equity investment is a critical element in the financing of clean energy projects and represents a major opportunity for corporations to invest in the future of energy in the U.S."
Alyssa Martin, Legal Counsel of Renewable Energy at Nelnet, said, "we are excited to partner again with CleanCapital to invest in this set of solar projects. CleanCapital has proven its ability to construct and manage solar projects that benefit energy customers and advance the transition to a net-zero energy future."
About CleanCapital
CleanCapital is a diversified clean energy company focused on the middle-market solar and storage industry. Mission-driven to mitigate the climate crisis, CleanCapital leads the energy transition with strategic investments in early-stage, new construction, and operating renewables projects and development partners. To date, the company has invested $1 billion in projects and companies, including the acquisition of BQ Energy, a national leader in landfill and brownfield renewable energy development. The company has successfully acquired and managed more than 200 operating and new construction projects in 26 states and one U.S. territory, totaling more than 400 MW. More information about CleanCapital can be found at https://cleancapital.com/
About Nelnet and Nelnet Renewable Energy
Nelnet (NYSE: NNI) is a publicly-traded diversified financial services and technology company focused on offering educational services, technology solutions, professional services, telecommunications, and asset management. Nelnet has $18.1 billion in assets and services over $578.6 billion in loan assets. Nelnet Renewable Energy is a leading tax equity investor in utility-scale and distributed generation solar projects, with $292 million funded in solar tax equity projects and $761 million committed from syndication partners using our co-investment platform. Rooted in innovation, Nelnet Renewable Energy is uniquely positioned to bring enterprise-level resources in a timely manner that startups and early ventures require. Nelnet's expert venture capital investment team uses a synergistic approach to further Nelnet's commitment to advancing technologies, processes, and companies focused on climate, resilience, and sustainability. For more information, visit https://nelnetinc.com/capabilities/renewable-energy/tax-equity-funding/
Media Contact
Cara Proszek, CleanCapital, 7073376482, cproszek@cleancapital.com
SOURCE CleanCapital
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