Co-invest your federal tax liability alongside ours to create shareholder value, lower your effective tax rate, and drive sustainability. We’re a leading tax equity investor in mid-size solar projects eligible for solar tax credits, as we’ve invested over $200 million of our own tax liability in these types of projects all over the country. This experience, coupled with our proven asset management capabilities, allows us to offer a unique co-investment platform that is based on value creation and exemplary customer service.

Why Solar Tax Equity Co-Investment?

Solar tax equity is a federally incentivized investment made by companies with federal tax liability. These are impact investments that significantly reduce greenhouse emissions and improve public health with cleaner air and water. But they make great financial sense, too.

Short Duration and Early Breakeven

  • Expect an investment horizon of 5-6 years.
  • Typical breakeven on investment capital within 8-16 months.

Competitive Returns

  • Convert tax liabilities into earning assets.
  • Target an estimated 13-16% after-tax return on investment.

Structured to Reduce Risk

  • Approximately 75% of your return is through a federal tax credit backed by the IRS.
  • The majority of capital is invested after the projects are fully constructed and generating power.

Limited Administrative Work

  • There's limited administrative work required on your part.
  • Accounting and tax reporting for co-investment funds are prepared by Nelnet’s experienced professionals.

Co-Invest With A Manager You Can Trust

We stand behind our tax credit funds by investing our own capital alongside our co-investor partners. We serve as both an investor and a manager, leveraging our asset management group that manages $1.5 billion of other third-party invested assets to mitigate risks and achieve expected returns.

Environment Social Governance

Impact Investment Reporting

Looking for ways to enhance your company’s environmental, social, and governance (ESG) commitments? Nelnet works with your internal team to maximize your investment’s impact across multiple departments.

Co-invest With a Trusted Partner

Redirecting federal tax liability into a solar tax credit investment is a seamless process when you co-invest with us – due to our tax equity expertise, material amount of capital invested, and seamless investment platform.

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Benefits of Tax Equity Co-Investing with Nelnet

Socially good. Financially smart. Seamless experience.

Be intentional with your tax dollars. By redirecting your company’s federal tax liability into a solar tax credit investment, you can support clean energy projects that advance your company’s sustainability and environmental goals. Choosing to co-invest with Nelnet Renewable Energy – a trusted partner with tax equity expertise – offers the benefit of a simple, seamless experience.

  • Dedicated project origination, due diligence, and underwriting teams.
  • Full suite of asset management services for the duration of your investment.
  • Strategic opportunity to invest in an underserved market segment with anticipated above-market returns.
  • Co-investment alongside Nelnet, Inc. (NYSE: NNI) means no additional headcount or administrative budget for you.
  • Nelnet’s alignment with our co-investors – as Nelnet has a material amount of capital invested alongside our partners.
  • GAAP accounting and tax reporting is provided for the co-investment fund throughout the investment cycle by Nelnet’s experienced professionals.
  • ESG and Impact Investment reporting for co-investors may be provided by Nelnet’s Corporate Sustainability team.

Discover how to integrate ESG factors into the solar tax equity investment process to maximize returns and impact.

Strategic corporate investors are attracted to the financial benefits offered by solar tax equity investments, but companies that integrate environmental, social, and governance (ESG) factors into the solar investment underwriting process fare better – and do greater good. This preview of our white paper details how you can generate environmental, social, and other public benefits while boosting risk-adjusted returns and lowering federal tax liability.

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Number of Solar Projects - AZ-10, CA-4, OR-1, MN-26, IL-5, NY-20, VT-4, MA-3, RI-1, NJ-5, MD-1, SC-3

Number of solar projects by state

Nelnet’s Total Solar Tax Equity Portfolio

With over $200 million of our own tax liability invested into solar energy projects nationwide to date, Nelnet Renewable Energy is a leading, trusted partner for your sustainability and investment efforts. We currently have tax equity investments into federal solar investment tax credits spanning 12 states and 83 solar projects totaling 198 megawatts of capacity – the equivalent of powering nearly 38,000 homes each year.

Our Co-Investor Relations Team

Learn more about the team that’s been leading Nelnet Renewable Energy’s successful solar tax equity investments and asset management group. Talk with us and explore whether solar tax equity co-investing may be a good fit for you and your business.

Scott Gubbels

Executive Director, Tax

Scott Gubbels is the Executive Director of Corporate Tax and Renewable Energy at Nelnet. Scott worked as a certified public accountant for eight years before joining Nelnet to lead their corporate tax department when the company went public in 2003. He has managed all tax considerations for more than fifty-five acquisitions, and his team has created significant, tangible value through tax planning, compliance, and controversy defense. During his tenure, Scott managed a payroll and benefits department that improved its processing accuracy by more than 40%, completed a human resource information system conversion, and enabled employee self-service. After transforming this area, he led an effort to implement the Balanced Scorecard, as well as foster strategic planning throughout the organization. Scott then started and led a corporate innovation initiative to create new revenue streams for the enterprise. The innovation group screened ideas and developed products/services into sustainable, scalable businesses, being recognized with the Nebraska Corporate Innovator of the Year award two years in a row under Scott’s leadership. Most recently, Scott is leading Nelnet’s investment and engagement within renewable energy. He oversees the funding and management of $156 million in solar tax equity, completed several equity fundings with co-investors, helped launch Nelnet’s community solar subscription acquisition and management business, and is looking to further Nelnet’s commitment to cleantech and the renewables industry.

Jon Miller, CFA

Director, Tax Equity Capital Markets

Jon Miller is the Director of Tax Equity Capital Markets at Nelnet, CFA Charterholder, and Board Member of Solar Energy International. He has held positions as capital markets advisor, tax equity consultant, investment manager, and debt underwriter. Over the past decade, Miller has transacted on over $1.5 billion of solar and wind projects for some of the nation’s largest developers and institutional investors. Miller holds a BBA in Finance from the University of Wisconsin-Eau Claire and also studied at Murdoch University in Perth, Australia and the University of Kwa-Zulu Natal in Durban, South Africa.

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Nothing herein should be construed as, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy or hold, an interest in any security or investment product. Investments in investment products managed by Nelnet Renewable Energy are available only to “accredited investors,” as such term is defined under federal securities laws. Investments are offered only via definitive transaction documents, and any potential investor should read such documents carefully, including all the risk factors relating to the investment, before investing. The material on this website has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. The provision of this material is not intended to create, and receipt does not constitute, an accountant-client, advisor-client, or attorney-client relationship. You should consult your own tax, legal, and accounting advisors before acting on this material. The use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue”, “believe”, or other comparable terminology are not guarantees of future performance and undue reliance should not be placed on them. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements.