Nelnet has partnered with a digital payments company to help fund solar energy projects.
The Lincoln-based financial services company said its Nelnet Renewable Energy subsidiary has made a joint $44 million investment with Ripple into one of Nelnet's solar energy investment funds.
Specific terms of the deal were not announced, although Nelnet said in a news release that the investment was "majority funded" by Ripple, a leading provider of blockchain and cryptocurrency enterprise payment solutions.
The two companies said the fund, called the Ripple Nelnet Renewable Energy Fund, will invest in solar projects that will offset a combined 1.5 million tons of carbon dioxide over 35 years, the equivalent of eliminating the use of 154 million gallons of gasoline.
"We are thrilled to have a best-in-class investor platform that enables us to work with investors like Ripple to further our effort toward advancing clean energy generation within the U.S.," Scott Gubbels, executive director of Nelnet Renewable Energy, said in a news release. "Investments like these help create jobs, provide cost-competitive energy to the market, and promote sustainability for years to come."
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