MN8 Energy, an independent US renewable energy company, has closed a $575m senior secured notes offering, managed by Natixis Corporate & Investment Banking.
Natixis played multiple roles, including those of lead placement agent, ratings advisor and green issuance coordinator, for this transaction.
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The financing is supported by MN8 Portfolio IV which includes 972MW of distributed generation, utility-scale photovoltaic solar projects and a 75MW four-hour battery energy storage system (BESS).
MN8’s Portfolio IV comprises 29 project sites across nine states and is managed internally by MN8.
MN8 Energy plans to allocate the net proceeds from this offering towards repaying existing project debt and funding distributions that will be reinvested within its wider portfolio.
The structured arrangement allows for delayed funding tranches that align with project completion milestones.
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By GlobalDataThis financial planning facilitates full refinancing of the previously obtained $612m construction bridge financing for the company’s’ three solar plants totalling 517MW.
MN8 Energy chief financial officer David Callen stated: “This $575m financing supports MN8’s growth trajectory and underscores the strength of our diversified renewable energy platform.
“We’re grateful to have Natixis and all our financing partners for their support on this transaction. Natixis’ deep project finance expertise and their significant debt underwriting capabilities made them an ideal choice to lead this complex transaction. This financing provides us with the flexibility we need to efficiently fund our robust pipeline as we continue scaling our business.”
Natixis CIB DCM Americas co-head Anthony Ferraro stated: “We are proud to have worked once again with MN8 on another landmark renewables deal.
“This successful collaboration highlights the strength of our partnership with MN8 as well as Natixis CIB’s market-leading infrastructure finance franchise with comprehensive solutions across project finance, rate hedging and debt capital markets.”
Additional banks involved include joint placement agents Société Générale and HSBC Bank USA, along with co-placement agents CIBC World Markets, MUFG Securities Americas and Texas Capital.
A letter of credit facility amounting to $145.7m was also provided by Natixis CIB alongside Société Générale and HSBC Bank USA.
In April 2024, MN8 Energy had secured a $325m private placement to support its expansion initiatives. This investment comprised $200m from Mercuria Energy Group and $125m from Ridgewood Infrastructure.
