MN8 Energy has agreed to acquire Greenbacker Renewable Energy in a cash-and-equity deal valued at up to $375m (€329m), creating a clean energy platform with over 6GW of operating and under-construction capacity across 33 US states.
MN8 Energy is buying independent power producer Greenbacker for $350m in upfront cash and equity, plus up to $25m in performance-related payments.
Greenbacker owns a 1.9GW portfolio of operating and under-construction assets across 22 states.
MN8 Energy, which holds over 4.3GW of operating and under-construction renewable capacity across 29 states, said the acquisition will broaden its footprint in the US Midwest and Northeast while expanding its technology stack into wind generation, battery storage, distributed generation and utility-scale solar.
Jon Yoder, president and CEO of MN8 Energy, will continue as president and CEO of the combined company once the transaction is completed.
Yoder 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.”
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.
“MN8 brings exceptional capabilities, an experienced team and the financial strength to execute on what this platform can become.”
To read the latest IPE Real Assets magazine click here.
