MN8, a solar power producer based in the US, has successfully secured a $325 million private placement to support its expansion efforts.
The investment includes $200 million from Mercuria Energy Group and $125 million from Ridgewood Infrastructure.
As part of the deal, Mercuria Energy Group will have a seat on MN8’s board of directors, while Ridgewood Infrastructure will have an observer seat.
Additionally, MN8 has formed a strategic partnership with Mercuria to explore opportunities for sustainable and affordable energy systems.
This investment will enable MN8 to continue growing its portfolio, focusing on solar, storage, and electric vehicle charging projects.
Jon Yoder, president and CEO of MN8 Energy, explained that the completion of our private placement of convertible preferred equity securities is a strategic step to secure capital for real and quantifiable expansion.
“Our agreements with Mercuria and Ridgewood provide us with the financial means and capital to scale our growth, engineer innovative solutions for our clients and deliver enhanced value to our shareholders.”
Founded in 2017, the organization was formerly recognized as Goldman Sachs Renewable Power. MN8 Energy became a separate entity from Goldman Sachs Asset Management in 2022.
The company has now accumulated a solar portfolio of over 3.2GW, covering 875 projects in 28 US states.
Additionally, it is involved in 270MW of battery storage projects and provides electric vehicle charging solutions.
Managing partner Michael Albrecht of Ridgewood Infrastructure affirmed their dedication to investing in companies at the forefront of sustainable infrastructure.
“Our investment in MN8 reflects our dedication to supporting renewable energy initiatives that not only benefit the environment but also offer long-term, sustainable solutions for communities.”
Source MN8 Energy
