US energy platform MN8 Energy Holdings LLC has entered into a definitive agreement to acquire Independent Power Producer Greenbacker Renewable Energy Company LLC in a cash-and-equity transaction valued at up to approximately $375 million. The deal comprises $350 million payable at closing, alongside up to $25 million in potential contingent cash payments linked to specific commercial milestones.
The acquisition addresses surging enterprise power demand across North America, largely driven by artificial intelligence and the rapid expansion of data centres. The transaction unites two major renewable energy providers to supply the capacity and infrastructure required for this accelerated market growth.
Upon completion, the combined entity will form one of the three largest clean power platforms in the United States, boasting over 6 GW of operating and under-construction capacity across 33 states. The deal expands MN8’s geographic reach into the Midwest and Northeast, while diversifying its technological capabilities to incorporate wind generation alongside existing solar and battery storage assets.
The integrated portfolio features strong financial fundamentals, with approximately 94% of capacity secured under long-term contracts and a weighted average solar power purchase agreement tenor of roughly 14 years. The platform also holds a pro forma funded development pipeline of approximately 9.3 GW.
The transaction is anticipated to deliver up to $20 million in annual run-rate cost savings by the end of 2028 through efficiencies in procurement, administration, financing, maintenance, and construction leverage. Run-rate Combined Adjusted EBITDA plus Principal and Interest for the merged company is projected at approximately $501 million.
Jon Yoder, President and Chief Executive Officer of MN8, highlighted the strategic timing of the consolidation.
“This combination brings together two complementary platforms at a critical time,” said Yoder. “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, Chief Executive Officer of Greenbacker, noted that the merger offers enhanced growth prospects for investors.
“Greenbacker was built to own and operate high-quality, contracted clean energy assets at institutional scale,” de Boer stated. “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.”
