Solar PV and energy storage developer and operator MN8 Energy has agreed to acquire independent power producer (IPP) Greenbacker Renewable Energy, creating a renewable energy platform with more than 6GW of operating and under-construction capacity across 33 US states.
The transaction combines MN8’s 4.3GW portfolio of operating and under-construction renewable assets across 29 states with Greenbacker’s approximately 1.9GW fleet across 22 states.
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MN8 said the combined company will rank among the three largest clean power platforms in the US following completion of the deal, expanding its geographic footprint into the Midwest and Northeast and adding wind generation capacity alongside additional battery energy storage systems (BESS), distributed generation and utility-scale solar assets
The combined platform will have approximately 94% of its capacity under contract, with a weighted average solar power purchase agreement tenor of approximately 14 years. MN8 said the pro forma funded development pipeline will total approximately 9.3GW.
Jon Yoder, CEO of MN8, stated: “This combination brings together two complementary platforms at a critical time. We have built MN8 to be an institutional-grade, vertically integrated operator with the development, financing and asset management depth to serve the most demanding enterprise customers in the country. Together with Greenbacker, we will have the scale, diversification and expertise to lead the next chapter of America’s infrastructure build-out.”
Yoder will continue as president and CEO of the combined company following completion of the transaction.
MN8 expects the enlarged company to benefit from operational efficiencies through its vertically integrated model, including project development, engineering, asset management and in-house operations and maintenance.
The company said combined adjusted EBITDA plus principal and interest is expected to reach approximately US$501 million on a run-rate basis, including US$122 million of assets under construction and after accounting for Greenbacker asset sales in 2025.
The transaction is expected to generate up to US$20 million in annual run-rate cost savings by the end of 2028 through procurement, selling, general and administrative expenses, financing efficiencies, operations and maintenance and engineering, procurement and construction leverage.
The transaction has been unanimously approved by the boards of both companies and is expected to close in the fourth quarter of 2026, subject to shareholder approvals, regulatory clearances and other customary closing conditions.
New York-headquartered MN8 has more than 4GW of operating and under-construction renewable assets across 29 states. Founded within Goldman Sachs, the company recently reached commercial operations at two utility-scale solar PV plants totalling 260MW in the US.
