NDS Canada

Nelnet is a diversified renewable energy business that has been looking to deepen its roots in solar asset development and long-term ownership. With GRNE’s wealth of experience and strong reputation, the investment was an excellent opportunity as well as cultural fit. The result is a unique, integrated renewable energy business, which means streamlined operations and less dependency on third-party contracts and/or suppliers.

Nelnet is a diverse organization providing services and solutions across a wide range of markets including renewable energy. Nelnet’s Renewable Energy brand is growing significantly as the demand for clean, cost-saving, renewable energy increases. As Nelnet looks to expand business in solar development, GRNE’s strong reputation and years of experience provided an excellent opportunity to join forces and grow in the community solar space together.

With this transaction, we are forging a new partnership with enhanced experience, expertise, and financial strength, which will create a more comprehensive infrastructure that will allow faster growth and expansion.

No. GRNE has a solid financial foundation, which was a decisive factor in securing and finalizing the acquisition transaction. GRNE is strategically partnering with Nelnet to accelerate growth and increase the scale and scope of its business with the investment from Nelnet. The transaction is a mutually beneficial one with two like-minded, future-focused organizations in the promising field of renewable energy. Both companies are strong—but together, we are stronger.

GRNE has been considering external investors for some time to support our goals of high-cost growth. This acquisition combines two highly complementary businesses that understand the future and value of renewable energy, while providing GRNE with quick access to the funding of new and existing growth opportunities. Nelnet believes strongly in the commitment to finance, develop, and manage investments in renewable energy solutions and has carved out an impressive niche in the marketplace by providing its partners and customers a variety of value-added solutions including tax-equity financing, tax-equity co-investing, community solar, renewable energy ventures, and net zero offerings. GRNE will be able to leverage Nelnet’s decades of experience, quality partnerships, and significant financial strength to grow more quickly, while Nelnet will expand its footprint in the solar construction and installation market.

Executive leaders from GRNE and Nelnet have been working closely together over the last several months to discuss and weigh the benefits of Nelnet’s acquisition of GRNE. After extensive evaluation and due diligence completed by both organizations, a decision was made to move forward with the mutually beneficial transaction.

Because Nelnet (NYSE: NNI) is a publicly traded company, there are rules and regulations related to the sharing of information that results in a material change to the financials of the organization. This means both organizations were bound by confidentiality agreements until the transaction was complete.

The acquisition transaction and all associated paperwork and required filings were complete as of July 1, 2022. A press release was issued July 5, 2022, before the opening of the stock market. GRNE and Nelnet leaders then began reaching out to clients, customers, vendors, and other interested parties to share the exciting news.

At this time, GRNE Solar will be rebranded with “A Nelnet Company” included with the name and logo. This acquisition brings many mutual benefits for both entities. An advantage to GRNE will be the benefit of being associated with the Nelnet brand—such as strength in brand recognition, market position, years of service and experience, innovative technology, and financial fortitude in many industries.

Integration of the two organizations will occur. Roles and reporting structures within GRNE will remain largely unchanged, and no jobs will be eliminated as a result of the transaction. Eric Peterman will continue to serve as CEO, and Jess Baker will serve as President—they will also retain minority owners of GRNE. An integration team comprised of GRNE and Nelnet associates will work closely together. Any changes related to integration will be clearly and transparently communicated.

GRNE locations and headquarters will not change as a result of the acquisition.

GRNE Solar customers, both commercial and residential, will continue to receive the same great service and quality solar solutions they have come to expect. Where possible, GRNE will look for opportunities to enhance the customer experience by taking advantage of Nelnet’s resources and proven service solutions.

No. The acquisition is a positive, proactive transaction that will help GRNE grow more quickly in the renewable energy field. As we evolve and expand as a result of the new relationship with Nelnet, we anticipate our workforce will grow congruently as well. Employees belonging to the GRNE family are extremely important to the future of the organization. We value your talents and expertise tremendously and look forward to having you play a fundamental role in the future success of our business.

Most core role and responsibilities will remain largely unchanged. With new access to Nelnet’s diverse resources and capital, GRNE will be looking for opportunities to incorporate them into our operations to accelerate growth and enhance employee effectiveness and customer experiences.

GRNE employees will continue to perform the same or similar work functions under GRNE’s leadership. GRNE has been acquired by Nelnet, thus GRNE employees are now technically Nelnet associates; however, the integration process won’t happen overnight. GRNE employees will continue using current employment processes such as payroll, benefits, time-off requests, and scheduling, through the end of the year.

Over time, GRNE will be fully integrated with Nelnet. The process will occur in phases over the next several months and will be communicated clearly throughout the transition. It is important to note that all current GRNE employment processes, including payroll, benefits, and schedules/hours will continue without change through the end of the calendar year.

No. Your rate of pay will not change as a result of the acquisition.

No changes will be made to GRNE payroll processes until after 2022. More information will be communicated later in the year regarding any changes to shared services processes beginning in 2023.

No. GRNE’s hours of operation will not change nor will employee schedules or hours as a result of the transaction.

One of the many advantages of this transaction is GRNE employees’ access to Nelnet’s robust package of benefits and perks. Your current GRNE benefits and paid time off accrual will continue through December 31, 2022.

You will have the opportunity to elect new benefits, including a medical plan and dental and vision coverage, during Nelnet’s Open Enrollment period at the end of October into early November. Any elected benefits made at that time will take effect January 1, 2023.

In addition, you will have a variety of other benefits and perks to help support you in your health and financial wellness goals. Length of service and paid time off accruals will transfer over accordingly as well.

Please reach out to GRNE Human Resources Director Grace Childress ([email protected]) with any benefits questions you may have.

The process to request time away from work remains the same through the end of the year. More information will be shared later in the year regarding any process changes that take effect in 2023.

Yes. Any approved time off that was requested prior to July 1, 2022, can be taken as planned.

GRNE’s employment processes such as payroll, hours/scheduling, requesting time off, and benefits will remain the same through the end of 2022.

Regarding day-to-day business operations and customer service, some of GRNE’s processes and systems will remain the same, while others will be integrated into Nelnet’s innovative technology and customer support processes.

Any changes will be communicated openly and thoroughly in advance, and a variety of resources and training will be provided to assist you step-by-step, if needed. The goal is to ensure a seamless, positive transition with minimal interruption and inconvenience.

Your GRNE contact information will not change at this time. If any changes are made in the future, instructions and timing will be clearly communicated in advance.

Because Nelnet provides services for the Federal government, every associate will need to complete basic Nelnet security and compliance training in addition to some general onboarding training to become acclimated to Nelnet. The virtual training sessions are relatively brief and can be completed at a time of your choosing before the provided due date. More information will be provided during the process of integration.

No. GRNE locations and headquarters will not change as a result of the acquisition.

Headquartered in Lincoln, Neb., Nelnet was founded over 40 years ago on one simple idea: to serve customers and make their educational dreams possible. Since then, the company has grown to become the nation’s largest and most well-respected student loan servicer, managing nearly $557 billion in student and consumer loans for 16.8 million borrowers. Today, Nelnet is synonymous with student loan servicing—but the organization does more than that. Lots more.

Over the past four-plus decades, Nelnet has diversified, starting new businesses and acquiring existing brands in a variety of industries and markets throughout the United States and across the globe. Today, Nelnet is comprised of 20+ businesses, all dedicated to serving customers, associates, and communities. Nelnet operates in four distinct business segments.

• • Nelnet Business Services (NBS): Provides payment technology, school administration software, and community management solutions for K–12 schools, higher education institutions, churches, and businesses.
  • Nelnet Communications Services: Delivers world-class fiber internet, television, and telephone services to residents and businesses in communities across Nebraska and Colorado.
  • Nelnet Diversified Solutions (NDS): Provides premier professional services including student loan origination and servicing to help government and businesses achieve their goals and provide their customers with outstanding service and support.
  • Nelnet Financial Services: Helps borrowers achieve their educational dreams with smarter student loans and refinance solutions. Provides families peace of mind with credit life and disability.
  • Nelnet Renewable Energy: Finances, develops, and manages investments in clean energy solutions. By partnering with investors, developers, startups, educational institutions, residential and commercial clients, and communities to deploy renewable energy and other technological solutions, we’re planting the seeds for a cleaner, more resilient, and more inclusive future.

Learn more about Nelnet at https://nelnetinc.com/.

Today, Nelnet has approximately 9,000 associates, located across the country and internationally.

Purpose: “We live to serve others.”

Mission: “We serve our customers, associates, and communities.”

Vision: “We make dreams possible.”

Core values:

• “Provide superior customer experiences.”
• “Create an awesome work environment.”
• “Pursue opportunities for diversification and growth.”
• “Communicate openly and honestly.”
• “Give back to the communities in which we live and work.”

With one of Nelnet’s core values as creating an awesome work environment, you can imagine #LifeatNelnet is pretty great. With its casual dress code, hybrid work opportunities, and dedication to being an overall employer of choice, Nelnet has been recognized multiple times for being a top workplace in Lincoln, Neb, and beyond. Plus, the organization has been honored by Forbes for two years in a row as a Best Employer for Diversity. For a closer glimpse into Nelnet’s culture, explore Nelnet’s blog located in the About Us drop-down menu on www.NelnetInc.com or check out Nelnet on LinkedIn, Facebook, or Twitter.

Nelnet’s executive team believes in leading by example. Drawing on decades of experience and expertise, Nelnet’s leaders strive every day to find new, innovative ways to serve our current and future customers and deliver the best possible experience—all while encouraging associates to keep learning and growing as professionals.

The board of directors brings an array of knowledge and experience to the company, offering a diverse, forward-thinking perspective on all strategic objectives and business opportunities.

Learn more on https://nelnetinc.com/leadership/.