Natixis CIB Closes $612 Million Financing for MN8 Energy’s Solar Projects in the U.S.

Natixis CIB Closes $612 Million Financing for MN8 Energy’s Solar Projects in the U.S.

(IN BRIEF) Natixis Corporate & Investment Banking (Natixis CIB) has closed a $612 million construction bridge financing deal to support MN8 Energy’s solar energy projects across North Carolina, Kentucky, and Illinois. The financing will aid the development of three photovoltaic plants with a total capacity of 517MWdc. Natixis CIB acted as the Sole Bookrunner and Administrative Agent, providing MN8 with the option to refinance through the U.S. Private Placement market. The deal is a key step for MN8 Energy, which was established by Goldman Sachs Asset Management and focuses on delivering renewable energy solutions. The financing will contribute to job creation, renewable energy capacity, and grid stability. The projects are expected to become operational by the end of 2025.

(PRESS RELEASE) PARIS, 4-Feb-2025 — /EuropaWire/ — Natixis Corporate & Investment Banking (Natixis CIB) has successfully closed a $612 million construction bridge financing deal to support MN8 Energy’s portfolio of three photovoltaic plants. This financing will aid the development of solar energy facilities across North Carolina, Kentucky, and Illinois, with an aggregate capacity of 517MWdc. Natixis CIB served as both the Sole Bookrunner and Administrative Agent for the deal, further solidifying its position as a leader in renewable energy project finance.

The financing package comprises a construction bridge facility, which includes a tax-credit-transferability-linked bridge loan, along with a letter of credit (LC) facility. The structure of the deal offers MN8 the flexibility to refinance the loan through the U.S. Private Placement market, a growing source of long-term debt for renewable projects.

Founded in 2017 by Goldman Sachs Asset Management (GSAM) under the name Goldman Sachs Renewable Power LLC (GSRP), MN8 Energy rebranded as a standalone entity in 2022. With an extensive portfolio that includes nearly 4 gigawatts of solar projects, 1.1 gigawatt hours of battery energy storage, and a growing network of EV charging stations, MN8 Energy serves over 200 enterprise customers, including municipalities, utilities, and large corporations.

The transaction, which closed on December 31, 2024, marks the end of a highly successful year for power and renewables financing in the U.S., where Natixis CIB is consistently recognized as a top-tier arranger. The three solar projects are set to bring significant benefits to their local communities, including job creation, enhanced renewable energy capacity, and improved grid stability. Construction is already underway across the three sites, and all are expected to begin commercial operations by the end of 2025.

Jon Yoder, President and CEO of MN8 Energy, commented, “This $612 million construction bridge financing is a key step forward in our development pipeline and brings us closer to completing these three vital solar projects. We appreciate Natixis’ partnership in structuring a flexible and innovative financing solution that supports our ongoing mission to deliver decarbonization solutions to our enterprise customers.”

Bhuvan Jain, Executive Director at Natixis CIB, expressed his gratitude for the collaboration: “We’re proud to have worked with MN8 to deliver a swift and efficient execution for this financing, which supports the development of three high-quality renewable energy assets. We look forward to continuing to provide innovative capital solutions to support MN8’s future growth.”

About MN8 Energy LLC

MN8 Energy serves enterprise customers on their journey to an electrified, decarbonized world by providing renewable energy and related services. With approximately 4 gigawatts of operational and under-construction solar projects, 1.1 gigawatt hours of battery energy storage capacity comprised of over 875 projects across 28 states, and high-powered EV charging stations across 10 states, MN8 is one of the largest and most sophisticated independent solar energy and energy storage power producers in the United States.

About Groupe BPCE

Groupe BPCE is the second-largest banking group in France. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The Group’s financial strength is recognized by four credit rating agencies with the following senior preferred LT ratings: Moody’s (A1, stable outlook), Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook) and R&I (A+, stable outlook).

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Media Contact:

Tara Flanagan, Prosek Partners
Tel: +1 646 818 9022
tflanagan@prosek.com
cib.natixis.com

SOURCE: GROUPE BPCE