MN8 Energy, a solar PV and energy storage developer and operator, has raised US$575 million through a senior secured notes offering, including a US$145.7 million Letter of Credit (LoC) facility, to refinance project debt.
Combined with tax equity contributions, this structure will support the full refinancing of a US$612 million construction bridge loan secured in December 2024 for three solar plants totalling 517MW across North Carolina, Kentucky and Illinois.
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The financing is structured in delayed tranches, aligned with the completion of key project milestones. As per the agreement, the New York-headquartered company can issue additional notes in 2026 and 2027 as more projects in its development pipeline become operational.
The fund is backed by MN8’s Portfolio IV, a hybrid clean energy asset totaling 972MW of distributed generation and utility-scale solar PV projects. It also includes a 75MW battery energy storage system capable of delivering power for four hours.
The lead placement agent for the transaction was Natixis Corporate & Investment Banking (CIB), which also served as the ratings advisor and green issuance coordinator.
Additionally Joint Placement Agents Societe Generale and HSBC were also involved in the transaction while CIBC, MUFG, and Texas Capital acted as co-placement agents. Natixis CIB, Societe Generale, and HSBC provided the company with the LoC facility.
MN8 was founded in 2017 as Goldman Sachs Renewable Power within Goldman Sachs Asset Management. It spun out as an independent company in 2022, with around 100 employees joining the new entity. MN8 now manages about 4GW of solar projects, 1.1GWh of battery storage across 874 projects in 29 states, plus over 40 high-powered EV charging stations in 10 states.
