Goldman Sachs spin-out MN8 Energy bags US$612 million for US PV portfolio

Facebook
Twitter
LinkedIn
Reddit
Email
Natixis CIB said the financing contained a “tax-credit-transferability-linked bridge loan. Image: unsplash

Solar PV developer MN8 Energy has secured US$612 million to support the development of three US solar projects totalling 517MW of generation capacity.

The construction bridge financing came from Natixis Corporate & Investment Banking (Natixis CIB) to support the development of three sites in North Carolina, Kentucky and Illinois. The projects are currently under construction and expected to begin operations by the end of 2025.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Natixis CIB said the financing contained a “tax-credit-transferability-linked bridge loan”, a mode of financing which was enabled under the Inflation Reduction Act (IRA) to allow renewable energy tax credits to be bought and sold to increase their flexibility in the market.

Jon Yoder, president and CEO, MN8 Energy said: “We value Natixis’ partnership in structuring an innovative financing solution that continues our mission to bring decarbonisation solutions to enterprise customers.”

In its announcement, Natixis CIB said the financing “provides MN8 optionality to refinance the loan in the US Private Placement market, a growing source of long-term debt for renewable energy projects.”

In April 2024 MN8 secured a private placement of US$325 million through selling stock to two investment firms, Mercuria Energy Group and Ridgewood Infrastructure.

MN8 Energy is a spin-out of Goldman Sachs Renewable Power, a subsidiary of US banking giant Goldman Sachs. The company says it has “approximately 4GW” of operational and under-construction solar PV assets across the US and over 1.1GWh of battery energy storage capacity “comprised of over 875 projects across 28 states”.

In May it signed a 457MW supply deal with US thin-film Cadmium Telluride (CdTe) solar module producer First Solar for its Series 6 and Series 7 modules to be deployed across the southern and northeastern US.

The largest US solar projects, often backed by huge international firms like Goldman Sachs, have begun to attract what Yoder called “innovative” financing models. Yesterday, PV Tech reported that Lightsource bp – the solar development subsidiary of oil giant bp – began operations at two Texas PV sites which utilised IRA tax credit transferability and substantial private investment.

21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

October 7, 2025
Econergy will acquire 100% stake in the 155MW Ratesti solar project in Romania, further expanding its European renewable energy portfolio.
October 7, 2025
Juniper Green Energy through its subsidiary Juniper Green Sigma Eight has signed a 70MW power purchase agreement with renewable energy giant Tata Power. 
October 7, 2025
Solar PV will account for almost 80% of the 4.6TW of new renewable power expected to be added by 2030, according to the International Energy Agency (IEA).
October 7, 2025
OpenSolar has secured US$13.1 million in equity financing from technology investors, including Titanium Ventures, Google and others.
October 7, 2025
Doral Renewables has secured a PPA with an unnamed 'corporate buyer' for its 430MW Cold Creek solar-plus-storage project in Texas.
October 7, 2025
US independent power producer (IPP) Arevon has begun operations at two utility-scale solar projects in Indiana.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK