Investment in solar installations will aim to expand the pool of renewable energy across the United States
SAN FRANCISCO and LINCOLN, Neb., February 17, 2022 /PRNewswire/ — Protocol laboratoriesan open-source research and development lab that creates protocols, tools, and services to radically improve the Internet, including filecoin and IPFSannounces the launch of $38 million Filecoin NNI Renewable Energy Fund, focused on investing in solar energy through United States (United States), with Nelnet Renewable Energy Services.
Protocol Labs’ strategic environmental, social, and governance (ESG) investment with Nelnet funds solar development across the United States, supporting the transition to a cleaner, more resilient energy future.
“Protocol Labs is committed to driving the next generation of the Internet, Web3, to net zero emissions. A major driver of these emissions is the electricity that Filecoin and other protocols currently consume, which comes mostly from the same networks electricity that power our homes, offices and infrastructure,” said dr. Alain Ransil, Head of Filecoin Green at Protocol Labs. “By investing in solar development with Nelnet, we are both building new generation capacity in this vital public infrastructure system and helping to advance the transition to renewable energy. This supports the responsible evolution of the Internet while by contributing to the electrical system as a whole—for the benefit of all.”
An experienced solar tax capital investor and fund manager, Nelnet Renewable Energy Services is committed $3 million capital to the fund and will act as manager of the fund throughout the life of the investment. The total investment from Protocol Labs and Nelnet will fund a portfolio of solar power projects currently estimated to generate 50 megawatts (MW) of new solar power capacity, which is currently valued at approximately $130 million. This will bring much more energy to the power grid than the 2.8 MW currently consumed by the Filecoin network in the United States, enabling the responsible growth of Filecoin without burdening the national electricity infrastructure.
Jon MillerDirector of Tax Equity Capital Markets at Nelnet, said, “We are thrilled to partner with Protocol Labs, a company building the Internet of the future, to bring more distributed solar power online to power innovation.
As the United States moves toward a zero-carbon future, investments in solar energy projects are essential to meeting the goals set by the government to address climate change. Solar power is expected to account for nearly half of new electricity generation capacity in the United States in 2022 according to the U.S. Department of Energy Solar Futures.
In its mission to transition the blockchain industry to renewable energy, Protocol Labs joined the Crypto Climate Accord (CCA) in 2021, alongside ConsenSys, the Web3 Foundation, and CoinShares. Collaborating with Energy Web on the first showcase of an open-source solution to decarbonize Filecoin, the world’s largest decentralized storage network, Protocol Labs created the Filecoin Green project. The open-source Filecoin Green Dashboard harnesses the power of Web3 verifiability to address public concerns about the energy impact of the cryptocurrency industry. There is a growing demand for technologies that allow the public to have certainty about environmental claims, showing where the energy is produced, documenting the renewable source and providing a certificate of attestation proving ownership of renewable energy credits correspondents.
Alain Ransilmanager of Filecoin Green at Protocol Labs, and Jon MillerDirector of Tax Equity Capital Markets at Nelnet, are available for an interview.
About protocol labs
Protocol Labs is an open-source R&D lab that creates protocols, tools, and services to radically improve the Internet. Protocol Labs projects include IPFS, Filecoin, libp2p, and many more, serving thousands of organizations and millions of people. The Filecoin Project is a decentralized storage network whose mission is to create a decentralized, efficient, and robust foundation for humanity’s information.
About Nelnet Renewable Energy Services
Nelnet (NYSE: NNI) is a publicly traded diversified financial services and technology company focused on providing educational services, technology solutions, professional services, telecommunications and asset management. Nelnet has almost $18 billion in assets and services on $530 billion in loan assets. 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 the capital of Nelnet and the capital of its co-investors, the collaborative platform financed $228 million of equity, supporting the construction and operation of 317 megawatts, totaling a value of $850 million solar energy projects. This renewable energy experience, coupled with Nelnet’s proven asset management capabilities since its $530 billion portfolio of lending services 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 the creation of shared value and the positive environmental and social impact. For more information, visit NelnetInc.com/co-investment.
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 any interest in any security or investment product. Investments in investment products managed by Nelnet Renewable Energy are available only to “accredited investors”, as that term is defined in the federal securities laws. Investments are only offered through definitive transaction documents, and any prospective investor should read such documents carefully, including all investment risk factors, before investing.
SOURCE Nelnet renewable energies