MN8 Energy announced the closing of an upsized and extended corporate credit facility, increasing total capacity to $650 million from $350 million while extending the maturity date to the third quarter of 2030 from the first quarter of 2028.
The expanded facility includes up to $550 million of revolving borrowing capacity along with an additional $100 million designated for performance letters of credit supporting development-stage obligations, including power purchase agreements and interconnection security deposits. The facility also includes a $300 million accordion feature that provides additional borrowing capacity as the company continues to expand its portfolio.
MN8 Energy said the proceeds will support general corporate purposes, including continued investments in renewable generation and energy storage projects, as well as letters of credit tied to new development activities.
The company said the expanded financing positions it to capitalize on growing electricity demand across the United States, driven by accelerating data center construction, manufacturing expansion, and broader electrification trends among enterprise customers.
The financing transaction attracted participation from both existing and new lenders. J.P. Morgan acted as Lead Arranger and Bookrunner, while Wells Fargo served as Joint Lead Arranger. Additional syndication participants included Bank of America, Societe Generale, MUFG, and Crédit Agricole CIB as Co-Syndication Agents.
Headquartered in New York, MN8 Energy operates approximately 4 gigawatts of operational and under-construction solar projects and 1.1 gigawatt hours of battery energy storage capacity across more than 874 projects in 29 states. The company also operates more than 100 high-power EV charging stations across 26 states.
KEY QUOTES:
“This transaction reflects the strength of MN8’s contracted power generation platform and the continued engagement of our financing partners as we scale to meet unprecedented demand growth across the U.S. power sector. Nearly doubling the size of our corporate credit facility while extending its tenor — and doing so with broad participation from a top-tier group of financial institutions — gives us the capital flexibility, liquidity and credit support we need to continue executing on one of the most active development pipelines in the country and to deliver reliable, long-term power to America’s largest enterprise customers. We are grateful to our lender group for their continued support.”
David Callen, Chief Financial Officer, MN8 Energy
