Protocol Labs and Nelnet Announce $38 Million Renewable Energy Fund Focused on Investments in Solar Energy
SAN FRANCISCO and LINCOLN, Neb.: Protocol Labs, an open-source research and development lab that builds protocols, tools, and services to radically improve the internet, including Filecoin and IPFS, announces the launch of the $38 million Filecoin NNI Renewable Energy Fund, focused on investments in solar energy throughout the United States (U.S.), with Nelnet Renewable Energy Services.
Protocol Labs’ strategic environmental, social, and governance (ESG) investment with Nelnet finances solar development across the U.S., supporting the transition to a cleaner and more resilient energy future.
“Protocol Labs is committed to driving the next generation of the internet, Web3, toward net-zero emissions. A major factor in those emissions is the electricity Filecoin and other protocols currently consume, which comes mainly from the same electric grids that power our homes, offices, and infrastructure,” said Dr. Alan Ransil, the 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 push the renewable energy transition forward. This supports the responsible evolution of the internet while contributing to the power system as a whole— for the betterment of all.”
An experienced solar tax equity investor and fund manager, Nelnet Renewable Energy Services has committed $3 million of capital to the fund and will serve as the fund manager over the duration of the investment. The total Protocol Labs and Nelnet investment will finance a portfolio of solar energy projects currently estimated to generate 50 Megawatts (MW) of new solar energy capacity, which is currently valued at approximately $130 million. This will contribute substantially more energy to the electric grid than the 2.8 MW currently consumed by the Filecoin network in the U.S., enabling the responsible growth of Filecoin without burdening domestic power infrastructure.
Jon Miller, Director of Tax Equity Capital Markets at Nelnet, said, “We are excited to partner with Protocol Labs, a company that is building the future internet, to bring more distributed solar energy online to power innovation.”
As the U.S. transitions toward a zero-carbon future, investments in solar power projects are key to reaching targets set out by the government to confront climate change. Solar power is projected to account for almost half of new U.S. electricity generating capacity in 2022 according to the U.S. Department of Energy’s 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 Filecoin Green open-source dashboard leverages the power of Web3 verifiability to address public concern about the energy impact of the cryptocurrency industry. There is increasing demand for technologies that allow public certainty about environmental claims, showing where energy is produced, documenting the renewable source, and providing an attestation certificate proving ownership of the corresponding renewable energy credits.
Alan Ransil, Head of Filecoin Green at Protocol Labs, and Jon Miller, Director of Tax Equity Capital Markets at Nelnet, are available for interview.
About Protocol Labs
Protocol Labs is an open-source R&D lab that builds protocols, tools, and services to radically improve the internet. Protocol Labs’ projects include IPFS, Filecoin, libp2p and more — which serve thousands of organizations and millions of people. The Filecoin Project is a decentralized storage network with the mission of creating 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 offering educational services, technology solutions, professional services, telecommunications and asset management. Nelnet has nearly $18 billion in assets and services over $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 Nelnet’s capital and capital from its co-investors, the collaborative platform has funded $228 million of equity, supporting the construction and operation of 317 megawatts, totaling a value of $850 million of projects in solar energy. This renewable energy experience, coupled with Nelnet ‘s proven asset management capabilities from its $530 billion loan servicing portfolio 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 shared value creation and positive environmental and social impact. For more information, visit NelnetInc.com/co-investing.
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.
Source: Nelnet Renewable Energy
