MN8 Energy said it has raised $575 million through senior secured notes arranged by Natixis Corporate & Investment Banking. The financing is backed by MN8 Portfolio IV, a 1,047 MW portfolio consisting of distributed and utility-scale solar projects along with battery energy storage systems.
The portfolio includes 972 MW of solar and 75 MW / 300 MWh of energy storage assets spread across 29 sites in nine U.S. states. According to MN8, the assets are diversified across both coasts and are supported by advanced technologies and Tier-1 original equipment manufacturers and EPC firms.
Proceeds from the issuance will be used to repay existing project debt and make capital distributions across the company’s broader asset base. The financing structure includes delayed funding tranches that align with project completion timelines, allowing for staged capital deployment.
In parallel with tax equity contributions, the issuance enables full refinancing of a $618 million bridge construction loan closed in December 2024. That financing supported the development of three solar projects totaling 517 MW. MN8 expects the note structure to accommodate additional issuances in 2026 and 2027 as more projects are completed.
Natixis acted as lead placement agent, green insurance coordinator, and ratings advisor. Societe Generale and HSBC Bank USA were joint placement agents, while CIBC, MUFG Securities Americas, and Texas Capital served as co-placement agents. A $145.7 million letter of credit facility was also arranged by Natixis, Societe Generale, and HSBC.
MN8 Energy currently operates or is developing approximately 4 GW of solar and storage projects across 29 states. The company’s portfolio includes 1.1 GW of battery storage and over 40 electric vehicle charging locations in 10 states.
Among MN8’s recently completed projects is the Dry Bridge Solar facility in North Kingstown, Rhode Island. Developed on a 240-acre rehabilitated brownfield, the site features 117,210 solar panels and is expected to supply roughly two-thirds of Brown University’s electricity demand. The 40 MW installation, comprising four co-located 10 MW facilities, is projected to generate 66.8 million kWh annually.
