U.S. Blockchain company Ripple is expanding into solar energy – partnering with Nelnet Renewable Energy, the renewable energy division of U.S.-Based financial services and technology company Nelnet, to invest $44 million in one of the group’s solar energy investment funds.
For Ripple, the company behind the XRP token, the project is intended to increase the company’s commitment to “socially responsible investing” and demonstrate its “support for the transition to a cleaner and more stable energy future,” it said.
Company representatives point to ongoing discussions about the carbon footprint of blockchain technology as one of the factors behind the latest collaboration.
Solar projects funded by the new Ripple Nelnet Renewable Energy Fund are expected to offset more than 1.5 Million tons of carbon dioxide over a 35-year period. The statement references the goals of the U.S. Department of Energy’s Solar Futures Study, which states that up to 45% of total U.S. Electricity demand, or nearly 1,600 gigawatts (GW), could be generated by solar energy by 2050.
Nelnet says it plans to advance the generation, storage, distribution or use of about 1.5 Million megawatt-hours (MWhs) of renewable energy across the country by 2025. According to Nelnet, the group has more than $20 billion in assets and oversees more than $500 billion in loans.