US blockchain company Ripple is expanding into solar energy – they aim to invest USD 44m in partnership with Nelnet Renewable Energy, the renewable energy arm of US financial services and tech company Nelnet, into one of the group’s solar energy investment funds.
For Ripple, the company behind the XRP token, the project is to increase the company’s exposure into “socially responsible investing,” demonstrating its “support of the transition to a cleaner and more stable energy future,” they said.
Company representatives point to the ongoing discussions related to the blockchain technology’s carbon footprint as one of the factors behind the latest cooperation.
The solar projects financed by the new Ripple Nelnet Renewable Energy Fund are expected to offset more than 1.5m tons of carbon dioxide over a 35-year period. The statement refers to the goals set by the US Department of Energy‘s Solar Futures Study projection which states that by 2050, as much as 45% of all the US generation needs, or close to 1,600 gigawatts (GW), could be produced by solar.
Nelnet says that, by 2025, the company aims to power the creation, storage, distribution, or utilization of some 1.5m megawatt hours (MWhs) of renewable energy across the country. The group has more than USD 20bn in assets, and services more than USD 500bn in loan assets, according to data from Nelnet.