Sunrock DG and Nelnet Partner for Renewable Distributed Generation Projects
NEW YORK, April 11, 2024 /PRNewswire/ -- Sunrock Distributed Generation, a commercial solar and clean energy development and management platform, announces today its tax equity partnership with Nelnet, Inc. (NYSE:NNI), marking a significant step towards enhancing energy sustainability, building power grid resiliency, and reducing carbon emissions in local communities.
The partnership combines the extensive expertise of Sunrock and Nelnet to finance and construct ongoing portfolios of distributed generation assets across several states including California, Illinois, New Jersey, and New York. The construction of initial projects is already underway.
Wilson Chang, CEO of Sunrock, comments, "Sunrock is thrilled to announce our financing partnership with Nelnet, Inc, which will enable us to build even more solar and distributed generation assets originated and developed using our proprietary underwriting system and automated technology platform.
"Together, Sunrock and Nelnet are on a journey to help local businesses, public entities, and nonprofits save money and transition towards renewable energy, while contributing to a cleaner, greener future for generations to come," he adds.
Scott Gubbels, Executive Director of Renewable Energy at Nelnet, Inc. says, "Our partnership with Sunrock furthers Nelnet's commitment to renewable energy projects that deliver tangible environmental and economic benefits. We are excited to be working in close partnership with Sunrock's experienced team of financiers and operators in scaling out the origination, development, and construction of a diversified portfolio of distributed generation assets."
For more information about Sunrock and Nelnet Renewable Energy please visit the websites at www.sunrockdg.com and www.nelnetenergy.com.
About Sunrock Distributed Generation:
Sunrock originates, develops, and manages commercial solar, storage and electrification assets at various stages of development. The company's mission is to offer a trusted, streamlined platform for organizations and local communities of all sizes to access distributed energy. With a network of 400+ installer partners across the country, and a team with decades of experience building leading solar and distributed generation companies, Sunrock helps businesses, public entities and non-profits invest in a smarter, more cost-effective future. Sunrock's rapid pricing assessments, proprietary underwriting system and automated technology platform allow the company to provide competitive financing option and unmatched project execution efficiency. Sunrock Distributed Generation is a portfolio company of Greenbacker Development Opportunities Fund I, LP, an investment vehicle affiliated with Greenbacker Capital Management LLC. For more information, please visit www.sunrockdg.com
About Nelnet, Inc.:
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 Renewable Energy Services is the company's renewable energy investment, management and development business. Nelnet Renewable Energy Services is an experienced tax equity investor and fund manager in distributed generation solar projects. Between Nelnet's capital and capital from its co-investors, the collaborative platform has funded approximately $600 million of capital into renewable energy projects. This renewable energy experience, coupled with Nelnet's proven asset management capabilities from its loan servicing portfolio and its alignment of interest as an investor alongside its partners, allows Nelnet to offer a unique co-investment platform to accredited investors based on shared value creation and positive environmental and social impact. For more information, visit NelnetInc.com/co-investing.
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SOURCE Nelnet, Inc.