Nelnet Renewable Energy revealed plans to invest $9.9 million in solar projects in the Northeast region. The company will be collaborating with three other investors to put these funds to the best use. The entities plan on utilizing the Solar tax equity investment was evaluated via the Green Transaction Evaluation from S&P Global Ratings.
The agency testified that this investment had passed the E1 rating and ready to implement its subsequent course. These projects will be producing more than 19900 megawatts hours of solar energy annually to support the residents and businesses throughout New York. These projects will last for 35 years, during which they would have minimized 332000 tons of carbon emissions in New Jersey and New York. This quantity will have been generated if the electricity supply is coming from coal-fired power plants.
The companies involved in this project include Nelnet Renewable Energy which leads the entire operation; West Gate Bank; and Adams Bank & Trust, which are in Nebraska. The latter companies will be investing their funds into the projects after understanding that Nelnet Renewable Energy’s mission requires the funds to deliver clean and affordable energy to states and communities in the country.
Nelnet’s tax and renewable energy director, Scott Gubbels, stated that this move cushions the subsidiary to achieve its mission of offering storage and clean energy to over 500000 households. The CEO and chairperson of West Gate Bank, Carl Sjulin, stated that the entity would collaborate with Nelnet to develop green energy projects countrywide and reach more customers through the supply chains established.
Nelnet procured another $80 million this year through the solar tax credits portfolio. The S&P Green Transaction Evaluation agency reviews will help the company proceed with its projects without fear of interfering with the environment or affecting the climate change mitigation plans in a pessimistic dimension.
Additionally, the review will help the company attract more investment from companies and entities seeking to support the fight against emissions from the energy sector. The E1 rating is the highest for a company in its programs, proving that it is playing according to the rules. This statistic will help the company confidently ask for financial aid from the government and other entities because it has enumerated the perfect use to which the cash will help the country. Such green-energy projects will help to achieve the Paris climate change agreement regulations for the energy sector.