Renewable energy-focused independent power producer (IPP) MN8 announced today an agreement to acquire IPP Greenbacker Renewable Energy, in a transaction that would create a combined entity ranked as one of the largest clean power platforms in the U.S., with more than 6 GW of operating and under construction capacity across 33 states.
Under the terms of the agreement, MN8 will acquire Greenbacker in a cash-and-equity transaction valued at up to approximately $375 million.
Founded in 2017, New-York based MN8 specializes in decarbonization projects, energy storage, and grid-scale power solutions across the U.S., with over 4.3 GW of operating and under construction renewable capacity across 29 states. The company was initially founded within Goldman Sachs Asset Management as Goldman Sachs Renewable Power and became an independent company in 2022 and rebranded as MN8 Energy.
According to MN8, the new transaction comes amidst an accelerating the need for additional generation capacity and infrastructure investment across the U.S. to meet surging enterprise power demand, primarily driven by AI and the rapid expansion of data centers.
Jon Yoder, President and CEO of MN8, said:
“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.”
Greenbacker will bring an additional 1.9 GW of operating and under construction renewable energy assets to the platform, and expand MN8’s geographic reach with a presence in the Midwest and Northeast. Additionally, the acquisition will expand MN8’s technology mix to include wind generation alongside additional battery storage, distributed generation and utility-scale solar assets.
According to MN8, the combined company will rank among the three largest clean power platforms in the U.S., and will have approximately 94% of capacity under contract, with a pro forma funded development pipeline of approximately 9.3 GW.
Dan de Boer, CEO of Greenbacker, said:
“Greenbacker was built to own and operate high-quality, contracted clean energy assets at institutional scale. This transaction is the next chapter of that story – one that gives our shareholders the opportunity to participate in a combined platform built to grow.”
