MN8 Energy bags USD 575m from selling senior notes in US
The notes are backed by a 972-MW portfolio of distributed generation (DG) and utility-scale photovoltaic (PV) solar projects and a 75-MW/four-hour battery energy storage system (BESS). The 29 projects are spread across nine states, NM8 said on Friday.
Funds from the sale will be allocated to repay project debt and to finance a distribution to be reinvested across the company’s broader portfolio. The deal consists of delayed funding tranches that coincide with certain project completion milestones. When coupled with tax equity commitments, it will enable MN8 to fully refinance a USD-612-million construction bridge financing facility it closed in late 2024 to back three solar projects totalling 517 MW.
“This financing provides us with the flexibility we need to efficiently fund our robust pipeline as we continue scaling our business,” said David Callen, CFO of MN8 Energy.
The offering was managed by Natixis Corporate and Investment Banking, which served as a lead placement agent. The list of other lenders supporting the transaction includes Societe Generale and HSBC Bank USA, as well as CIBC, MUFG Securities Americas Inc and Texas Capital.
The structure of the placement allows subsequent notes issuances in 2026 and 2027, MN8 said.
Previously known as Goldman Sachs Renewable Power LLC (GSRP), MN8 has roughly 4 GW of operational and under-construction solar assets and 1.1 GWh of battery energy storage capacity.
(USD 1.0 = EUR 0.855)